Portugal on Monday approved an additional 3.57% hike in public pensions from July following criticism that it was benefiting from rising tax revenues due to high inflation without sharing those gains with the country's 3.7 million pensioners.
In October the government gave a bonus, equivalent to half a monthly pension, to all recipients but suspended the formula for calculating future pensions, which depends on inflation and economic growth. If applied, it would have increased pensions by 8% on Jan. 1, 2023.
