Ministry sets next year’s benefit adjustment at 3.14%

The adjustment rate for public benefits and pensions next year will be 3.14%, the Ministry of Social Affairs and Housing has announced, KVF reports.

The rate is 2.71% this year. It was 3.6% last year and 3.8% the year before.

The annual rate determines how most public benefits and pensions are adjusted. It is calculated as the average of the percentage change in the Ministry of Finance’s wage framework over the 12-month period ending on October 1, and the percentage change in the consumer price index in the second quarter of this year compared with the same quarter last year.