13th Pension for the Elderly - Decision approved. Around 725 thousand pensioners benefit
Pensioners in Albania will be able to benefit from a 13th pension, which aims to somewhat increase their annual income.
The government has foreseen this innovation in the document approved at the last meeting, to be implemented at least by 2030, as a way to offer more dignity to current pensioners.
So far, the government has applied annual indexation of pensions according to basket price inflation as well as the annual bonus, which throughout 2024 has been increasing compared to other years.
However, given that pensions in Albania are at very low levels in relation to living costs, it appears that these policies have been insufficient.
Currently, there are approximately 725 thousand pensioners in Albania, of which over 511 thousand enjoy a pension of up to 200 euros per month. While over 2013 thousand have a pension higher than 200 euros per month.
Demographic developments published in the last census clearly demonstrate that the population aged 60+ constitutes ¼ of the population in Albania, a trend that is increasingly deepening due to population aging, declining fertility, and the phenomenon of emigration.
The data showed that despite all the progress made by the pension reform or the support that the Albanian Government has provided for the elderly, the issue of financial independence of the elderly, and in particular, lonely elderly men and women, remains a priority for a dignified life.
Revenues from social and health insurance have been increasing continuously throughout 2024, but despite the increase, they have not been able to cover the growing demands for pensions and health services, as reflected in data showing increasing pressures on these expenditures.
Specifically, revenues from special funds, which have reflected the increase in salaries and the number of contributors to the insurance scheme, have increased significantly over the years, exceeding 61.5 billion lek in 2014 to 139.4 billion lek in 2024, or in other words, at 123.6%.
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