Pensions are set to rise next year by a larger amount than they did as of this January, reported the Pravda daily on Tuesday. Approximately 1.2 million pensioners should receive an extra €5-8 per month as of next January. This year the increase reached only €1.9 per month. The Labour, Social Affairs and Family Ministry decided to make changes to legislation in order to make the rise possible. Pension increases had almost ground to a halt due to the low inflation rate to which they have been tied. According to the rules currently in place, pensions should go up by only €1.4 per month in 2017. "We've prepared a proposal for changing the increase calculation mechanism in 2017, which in the case of old age pensions would boost the amount by 2 percent or around 8.2 percent," said Labour Minister Jan Richter (Smer-SD). Meanwhile, Labour Ministry spokesman Michal Stuška pointed out that the change in the rules would only concern 2017. The average pension in Slovakia currently stands at €415.47 per month. The increase proposed by the ministry would raise state expenditures by €137 million.
