Amid Economic Woes, How Much are Croatian Pensions Set to Grow?

Lauren Simmonds

Updated on:

A lot could be said, but in short, when it comes to Croatian pensions, there aren’t many screaming from the rooftops about how comfortably they’re living, although a few do. With the recent announcement of potential coronavirus boosts for Croatian pensioners and more, just how much are Croatian pensions set to grow in 2021?

As Poslovni Dnevnik writes, the first adjustment of Croatian pensions this year will of course by very modest, which isn’t outside of anyone’s ration expectations, increasing by only half a percent, which will bring people who are drawing an average Croatian pension only thirteen kuna more than they had so far, according to a report from Vecernji list.

The Central Bureau of Statistics (CES) has since stated that during the second part of pandemic-dominated 2020, average gross wages increased by a wholly unimpressive 0.8 percent compared to the first half of the year, and as prices stagnated in that part of the year compared to the first part of it, the result is a modest increase in Croatian pensions of half a percentage point only. Pensions are otherwise adjusted to reflect wages and inflation twice a year, and the increase is paid out from April and September.

The coronavirus-induced recession is thus spilling over to the country’s very many retirees as well, from where the pressure on the Croatian Government to pay out the aforementioned one-off COVID allowance/pension boost is more than likely to increase. Labour Minister Josip Aladrovic recently addressed the issue and said that the final decision would also depend on the amount of adjustment, ie the financial capacity of the country’s state budget.

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