Official Minimum and Maximum Retirement Values Announced, Effective from March

Official Minimum and Maximum Retirement Values Announced, Effective from March

On Thursday, the government officially announced the minimum and maximum asset guarantees that retirees will receive from March, factoring in a 27.18% increase. Some retirees will also receive a bonus of up to 70 thousand pesos.

The announcement was made via the publication of Resolution 39/2024 in the Official Gazette, signed by the newly appointed executive director of the National Social Security Administration (Anses), Mariano of the Heroes.

According to Article 1 of the regulation, the minimum asset will be $134,445.30. However, this sum could increase to $204,445 with the bonus. Retirees receiving less than this amount will receive a proportional extra sum until they reach it. Those receiving more than this amount will not be eligible for the benefit.

As per Article 2 of the Resolution, the maximum asset will be $904,689.54.

These figures indicate a 33% reduction in the purchasing power of minimum assets compared to March 2023. For those who did not and will not receive the bonus, the loss is 44% over 12 months.

This calculation does not include the fact that retirees and pensioners with minimum salaries have stopped receiving up to $18,800 monthly for VAT reimbursement for debit card purchases since January.

The minimum and maximum tax bases have been set at $45,281.15 and $1,471,616.10, respectively, from March 2024.

Article 4 stipulates that from March, the Universal Basic Benefit (PBU) will be $61.502,69, and the Universal Older Adult Pension (PUAM) will increase from $84,570 (plus a $55,000 bonus) to $107,557 (plus a $70,000 bonus), totalling $177,556.

The 27.18% increase in retirements from March had been previously confirmed by the national government, as documented in Resolution 38/2024, signed by the former Anses head, Osvaldo Giordano. However, this regulation did not mention the additional bonus, which Anses officially confirmed on Wednesday.