As the amounts of all the seven types of pensions and allowances paid out by the city’s social security system were raised last week but the increases took effect retroactively from January 1 this year, the respective payment differences for the period between January and last month will be paid to the respective beneficiaries later this month, the Social Security Fund (FSS), which runs the social security system, announced in a statement yesterday.
The two types of pensions paid out by the fund comprise old-age pensions and disability pensions, while the five types of the fund’s allowances comprise unemployment, sickness, birth, marriage, and funeral allowances.
The increases in the seven types of pensions and allowances were announced in the Official Gazette (BO) on Monday last week.
According to last week’s announcements, both the old-age pension and the disability pension have been increased to 3,900 patacas per month, up 4.3 percent from 3,740 patacas per month.
The old-age pension and disability pension are paid to the respective beneficiaries once every quarter, meaning that they receive a payment equivalent to three months of their pensions every time.
The unemployment allowance has risen to 157 patacas per day, a 4.7 percent increase from 150 patacas per day.
The sickness allowance has risen to 119 patacas per day for those whose treatment does not require hospitalisation, a 4.4 percent increase from 114 patacas per day, while the sickness allowance issued to those who have been hospitalised has been increased to 157 patacas per day, up 4.7 percent from 150 patacas per day.
The birth allowance has been increased to 6,500 patacas from 5,418 patacas, up 20 percent, while the marriage allowance has risen to 2,220 patacas from 2,122 patacas, a 4.6 percent increase. Both allowances are one-off payments.
The funeral allowance, also a one-off payment, has been increased to 2,870 patacas from 2,750 patacas, up 4.4 percent.
Yesterday’s FSS statement noted that the old-age pension and disability pension are paid regularly to the respective beneficiaries in the middle of January, April, July, and October, meaning that they receive a payment with an amount equivalent to three months of their pensions once every quarter.
The statement said that in the middle of this month, the respective payment differences between the old and new amounts for the old-age pension and disability pension from January to June (including an additional monthly amount paid to the beneficiaries in January every year) will be paid to the respective beneficiaries together with their July-to-September pension payments.
As for the five types of allowances, the statement said, the respective retroactive differences will also be paid later this month to the beneficiaries who had already received the payments of their allowances earlier this year.
This photo taken last month shows the Social Security Fund’s (FSS) service centre on Rua de Eduardo Marques, located near São Lázaro Church. – Photo: Tony Wong
This infographic released by the Social Security Fund’s (FSS) yesterday shows the formula for calculating the payments to be received by an old-age or disability pension in the middle of this month, comprising the differences between the old and new amounts from January to June (including an extra monthly amount paid in January every year) and their July-to-September pension payments.
