Understanding Pension Slip Details and Adjustments for May 2024

The pension slip, accessible through online service, is the document that allows retirees to verify the amount disbursed each month by the INPS and to understand the reasons why the amount may vary. The Social Security Institute has published the main information related to the pension installment being paid in May 2024. Payment Date The payment will be made with value date of May 2. However, some will receive it earlier than others: Banco Posta account holders, for whom early credit is planned, as already happened in April, between Tuesday, April 30, and Wednesday, May 1. All others will have to wait until May 2. End-of-Year Adjustment 2023 At the end of the year 2023, the final calculation of the tax withholdings applied during the same tax year (personal income tax and regional and municipal surcharges on balance) was carried out based on the total amount of pension benefits disbursed by INPS. If, during 2023, monthly tax withholdings on the pension were applied in an amount lower than what was due on an annual basis, INPS proceeded to recover the differences owed on the pension installments of January and February 2024, retaining the debt up to the total capacity of the amount of the pension installment being paid. If the pension installments for January and February 2024 were insufficient for the total recovery, it continues with deductions on the subsequent monthly installments until the debt is extinguished. The Recalculation In the case of pensioners with a total annual amount of pension benefits up to 18,000 euros, for whom the recalculation of tax withholdings resulted in a debit adjustment of more than 100 euros, the installment payment is extended up to the month of November (article 38, paragraph 7, decree-law 78/2010, converted with modifications into law 122/2010). Regional and Municipal Surcharges As for the fiscally taxable benefits, also on the May installment, in addition to the monthly personal income tax, the regional and municipal surcharges related to 2023 are withheld. It is reminded that the regional and municipal surcharges are recovered in 11 installments, from January to November of the year following the one to which they refer. The reconciled sums will be certified in the Unique Certification 2024. Taxation Civil disability benefits, pensions or social security payments, benefits not subject to taxation for specific reasons (tax exemption for foreign residency, victims of terrorism) do not undergo tax deductions.