Construction workers' pension fund bumping pension payouts 14.5% on January 1

The pensions of former construction workers, masons, and carpenters will increase by over 14 percent on January 1, the pension fund for the construction industry bpfBOUW announced. The fund weighed its financial strength against the high inflation when deciding on the increase.

Eline Lundgren, chairman of the board of bpfBOUW, is delighted to announce the largest-ever increase in her fund’s pensions. “Prices have risen enormously in the past year, and that sometimes leads to unpleasant situations,” Lundgren explained the fund’s rationale.

The increase is also good for people still saving for their retirement, she stressed. “Their accrued appointments are also increased.”

The increase of 14.52 percent is possible because bpfBOUW’s coverage ratio rose sharply last year. Due to the higher interest rates, pension funds need to have less money in cash to meet future claims.

This year, pbfBOUW increased pensions by almost 2.6 percent.