28 Nov 2023 at 00:01
Early next year, PME will increase the pensions of 170,000 former employees of car manufacturers and electrical companies, among others. Benefits will increase by 3.26 percent, the fund announced on Tuesday.
This makes it the second major fund to increase its pensions, after healthcare fund PFZW already decided to do so. To determine how large the increase will be, PME looks at the inflation between July last year and the same month this year. According to Statistics Netherlands, this amounted to 3.26 percent, which means that pensions will increase by that percentage.
The increase in the metal fund is the third in a relatively short time. Mid last year and early this year, pension benefits increased by a total of 7.4 percent. Together with the new increase, pensioners will receive an increase of almost 11 percent in a year and a half.
“Increasing three times in a row, after fourteen years of standstill, is very nice,” says PME chairman Eric Uijen. “At the same time, I realize that these increases do not compensate for the entire inflation over that period. Moreover, there is a big difference between the calculated inflation and what people feel at the cash register.”
In addition to pension benefits, PME will also increase pension accrual for the 440,000 people who are still working.
A total of more than 600,000 retirees and workers are members of the fund. This concerns employees and former employees of larger companies in the metal and technology sector such as DAF, VDL, Damen Shipyards, ASML and NXP. The other metal fund, PMT, will make its decision later.
In recent days it has become clear that bpfBOUW will not increase pensions next year. It is also not yet clear whether civil servants’ fund ABP, the largest in the country, will provide an increase.
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