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Construction worker’s pension fund raises pension benefits by 14.5% on January 1

Pensions for former construction workers, masons and carpenters will increase by more than 14% on January 1, construction industry pension fund bpfBOUW has announced. The fund weighed high inflation against financial strength in deciding to increase.

Eline Lundgren, chairman of the board of bpfBOUW, is pleased to announce the largest ever increase in her fund’s pensions. “Prices have risen significantly over the past year, and that can lead to uncomfortable situations,” Lundgren explained the fund’s rationale.

The increase is also good for those who continue to save for retirement, she stressed. “Their unpaid appointments are also increasing,” she said.

A 14.52% increase is possible as bpfBOUW coverage rose sharply last year. Higher interest rates mean pension funds need less cash to meet future claims.

This year, pbfBOUW increased pensions by about 2.6%.

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