People Who Are Pensioners In Portugal Will Get Double Bonus In October

People in Portugal earning through pensions will be getting double bonuses from October. This is good news for the citizens who are looking to barely afford their living through pensions. The bonus will help them to make their living better.

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Pensioners Will Get Double Bonus Citizens Will Also Get Some Withholding Tax Money Back

Pensioners Will Get Double Bonus

The government has introduced a new system which will give double bonuses to people who are pensioners. This bonus will be given to people who have pensions up to 1527.78 Euros. The new IRS withholding will be implemented on these people. This will lead to more net income for the taxpayers. A survey has been carried out by EY for ECO.

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This survey states that a citizen of Portugal who has a pension of 1500 Euros can expect a bonus of 2800 Euros. This bonus will be applicable in the month when the Government will be expected to present its State Budget for the next year. This budget will be presented to the Parliament of the country. It should be noted that this bonus is just a one-time amount paid by the government. The value of this bonus will vary from person to person.

The people who have pensions of about 509.26 Euros will receive 200 Euros as a bonus. Those people who have pensions more than 509.26 and up to 1018.52 EUROS will receive 150 Euros. The last category of people is who have more than 1018.52 Euros of pension and up to 1527.78 Euros will receive 100 Euros as bonus. To sum it up, you can check your pension status from the following range:

Pension up to 509.26 Euros: Will receive a bonus of 200 Euros
Pension range from 509.26-1018.52 Euros: Will receive a bonus of 150 Euros
Pension range from 1018.52-1527.78 Euros: Will receive a bonus of 100 Euros

The ECO has reported that this bonus will be given to their rightful owners on 8^th October. These pensions will be given to those who receive their pensions through their social security number. The total of 2.4 million people with pension will be benefitted from this system. The Government will have to pay around 422 million Euros for this whole plan to be executed and completed.

Citizens Will Also Get Some Withholding Tax Money Back

The government has introduced a new withholding tax in the system. The bonus is not everything the citizens of Portugal will get in October. The new approval of the government has implemented the new withholding taxes. There has been a reduction in the IRS which is already approved by Parliament. They have agreed to apply lower rates for two months on salaries and pensions. This is being done so because some of the excess amount was withheld since the month of January.

Pensioners get more — Pensioners get double bonus in the month of October

Those people who are on salaries, they will see an increase in their net income due to this new withholding tax done by the government. This increase will begin from the month of September so you should check you for an increase in your salary in that month. The Minister of Labor explained that the case is different for those people who have pensions.

The September pensions are already processed, and this is why they will see an increase in pension in the month of October rather than September. This is why pensioners will receive both the bonus in pensions and the extra money from the withholding tax done by the government in the same month, that is October. The net salary of the pensioners will be much higher for the month of October.