With the arrival of July 2024, many retirees will notice some significant changes in their pension checks. In fourteenth, adjustments and deductions, there will be increases in the amounts of pensions. This detailed guide will help you understand all the news.
Table of Contents:
Introduction to the July 2024 pension
July 2024 brings with it a series of updates and changes regarding pensions. In addition to the regular monthly amounts, many retirees will receive the fourteenth, arrears and tax adjustments.
Here’s everything you need to know.
The retirement payslip for July 2024
What is a pension slip?
The pension slip is the document issued monthly by the INPS that allows retirees to verify the amount paid and the reasons for any changes. This is available for old-age pensions, retirement pensions, civil disability and other
benefits.
Access to the payslip
The payroll for July 2024 will be available in the reserved area of the INPS website. Retired people can log in through SPID, Electronic Identity Card (CIE) or National Service Card (CNS
).
July 2024 pension payment date
Payment by Poste Italiane
The payment of pensions for July 2024 through Poste Italiane will take place on July 1, 2024. Those who receive the credit to the bank account will see the payment on July 3
, 2024.
Payment schedule
For those who collect their pension in cash at a post office, here is the schedule:
- Surnames A to C: July 1, 2024
- Last names D to K: July 2, 2024
- Last names from L to P: July 3, 2024
- Last names Q to Z: July 4, 2024
2024 personal income tax withholding
New personal income tax rates
From the July 2024 accrual, the INPS will apply the new personal income tax rates introduced by the reform in force since March. The deductions will be based on the three updated income brackets.
Tax Exemptions
Civil disability pensions and other benefits that are exempt for specific reasons will not be subject to tax withholding.
Fourteenth monthly rent
Who is entitled to it?
About three million retirees will receive the fourteenth on their July 2024 payroll, provided that they meet the income requirements established by law.
Communications to beneficiaries
Beneficiaries will receive a communication through OBIS/M forms, payslip with information note or SMS, confirming the amount paid provisionally.
Fourteenth questions
Those who do not receive the fourteenth can apply online through the dedicated service on the INPS website or contact a board of trustees for assistance.
Other July 2024 pension increases
Refunds and arrears
Some retirees will see increases due to refunds and arrears, loaded directly on the July 2024 payroll.
Application of the new rates
The new personal income tax rates and related deductions have already been applied since March 2024, and any changes will also be confirmed in July.
Revaluation of pensions
Revaluation index
The provisional pension revaluation index for 2024 is 5.4%. This adjustment is confirmed in the July 2024 payslip
.
Exclusions from the revaluation
Accompanying retirement benefits, such as extraordinary allowances and exemption, are not subject to revaluation.
Pension adjustments
Recovery of debt differences
The INPS began to recover the differences in debt from pensions in January and February 2024, continuing with deductions on subsequent accruals until the debt was paid off.
Apportionment of adjustments
For retirees with a total annual income of up to 18,000 euros, debt adjustments exceeding 100 euros will be paid in installments until November.
Tax assistance
INPS online services
Retired persons can verify the accounting results of the declaration and the related results through the online service “Tax Assistance (730/4): citizen services” accessible with SPID, CIE or CNS.
The July 2024 pension brings with it important news and increases for many retirees. It is essential to consult the payslip and verify all the details relating to payments, personal income tax withholding and the fourteenth month’s rent. For more information and assistance, it is possible to access the online services of the INPS or contact a board of trustees
.
