Positive Story: Increase of Pensions by 3.5 Percent

March 26, 2019 1:00 PM

The Federal Institute for Pension and Disability Insurance will adjust pensions on April 15th, and it is expected that an increase of 3.5 percent will be given to all pensioners with the exception of those who receive the highest retirement.

Spokesman of the Institute Tomislav Kvesic said that this is a regular annual adjustment of pensions as foreseen by the new law.

“The adjustment is done on April 15th every year on the basis of two parameters – the real growth of GDP and the consumer price index. Based on these two data, a percentage is obtained. The exact amount will be known when the Federal Bureau of Statistics publishes official data on GDP and consumer prices, and it is predicted that the increase of pensions will be some 3.5 percent,” – explained Kvesic.

Kvesic recalled on the increase of the lowest pensions this year by 3.2 percent, and together with the new increase, the minimum pension in the Federation of BiH will amount to some 370 BAM.

The decision to increase the pension will be applied retroactively from January 1st, 2019, so all pensioners in the fifth month will receive increased pensions for April, as well as the difference for the first three months.

“The total additional funding needed for these two increases is approximately 90 million BAM annually, which will be taken from the regular income of the Institute,” Kvesic concluded.

(Source: Fena)

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