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Using bank cards will become more expensive! Find out about new prices

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Usar cartões bancários vai ficar mais caro! Conheça os novos preços

Do you use bank cards? So get ready to raise! Novo Banco, Santander Totta and BCP have already planned to increase bank fees for 2022, but other banks are expected to increase fees as well next year.

Find out now what bank card fees are for 2022 … and transactions will rise, too.

Credit cards with high commissions, as well as in transactions

According to buyers' notice, in March New bank this will lead to changes in prices for many products and services, in particular, to an increase in commissions on deposits, lending operations or payments. A demand deposit in the amount of more than 35 thousand euros will be paid the same amount as less than 35 thousand euros, that is, 62.30 euros per month.

Credit commissions are also increasing. For personal loans for leasing furniture (except for new cars), the commission for the conclusion of the contract increases to 400 euros for transactions in the portfolio, while at the moment it is 314 euros for a period of up to three years and 380 euros. more than three years. The processing fee for these loans increases to € 36 per quarter (up from € 33), Lusa reports.

Fees for credit cards are also increasing, as is the change in fees for card transactions. For example, for a "green" card, a commission is charged in the amount of 10 euros to 15 euros, and for replacing the same card - from 22.50 euros to 25 euros.

Using bank cards will become more expensive!  Find out about new prices

Not Santander Totta, from February the commission on the bundle account increases to 5.30 euros per month, and the commission on the credit card increases to 2.25 euros per month (applies under certain conditions).

When BcpAccording to publicly available information, from January 5, changes in the commissions of the "standard companies" account come into force. The amount of the commission remains (if the loan was less than 250 thousand euros, 199.92 euros per year, if the loan is equal to or exceeds 250 thousand euros, the commission is 60 euros per year), however, the exemption of these commissions is now only for loans equal to or exceeding 2 million euros.

Updating the price list in 2022 should be followed by other banks, as it happens every year. Banks, by the way, tend to change their price lists several times a year.

The controversial issue of banking fees led parliament to pass legislation in 2020 exempting and restricting certain bank fees, which has been criticized by banks. Banks are also critical of Portugal's ban on ATM withdrawals.

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Economy

Inflation Forces Government to Adjust Pension Increases – Social Security

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Inflation Forces Government to Adjust Pension Increases - Social Security

The government has abandoned its pension boost formula, which would have resulted in more than 8% for the vast majority of pensioners, but in light of the commitments it has made, it will have to revise legislation providing that most pensions (up to about 960 euros) rose by 4.43% in January..

The executive branch said that the amount of half of the pension paid in October (corresponding to 3.57% of the annual pension amount), added to the increases determined for January, ensures that pensioners do not live to the end of next year with less liquidity. they would be if the formula (although they have been losing money since 2024).

It turns out that the legislation takes into account not only the dynamics of GDP over the past two years, but also the average inflation, excluding housing, recorded in November, and both of them exceed expectations at the time of the calculations in September.

Latest GDP estimates (confirmed today) indicate an average growth of 4.78%, above the 4.5% considered by the Government. And average non-housing inflation in November was 7.46%, according to the INE’s first estimate, above the 7.1% considered by the executive.

This means that, mainly due to inflation, in the case of the lowest pensions, it may be necessary to add four or five tenths to the government’s forecast of 4.43%, thus bringing the nominal growth in January closer to 4.8%. or 4.9%. The values ​​are not exact, since it is enough to round the average GDP to tenths or hundredths for the output to change slightly. Pension increase at the first pillar yes, round to tenths.

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This is due to the fact that in a normal situation, with growth above 3%, updating pensions to IFRS 2 would correspond to 20% of average GDP (0.96 points) plus the value of the average CPI excluding housing in November (7.46 points), but the Government now removes the amount of the emergency supplement corresponding to the half board already paid in October (3.57 points).

In the case of a pension of 500 euros, for example, an increase of approximately 24.2 euros will be applied. The difference guaranteed by the correction compared to what the government has already announced is 2.7 euros per month.

Similarly, pensions between IAS 6 and 12 could increase by four tenths (in addition to the 4% forecast, to 4.49%) and then, to IAS 12, by 3.5 tenths (to 3.89).

Nothing will prevent the executive branch, which has the majority, from amending its own law. At the proposal of the PS, an amendment to the Law on the State Budget for 2023 was approved, which authorizes the Government to make corrections by its decree.

Negosios has reached out to the Ministry of Labor and Social Security (MTSSS) for comment and is awaiting a response.

The Social Assistance Index (IAS) will also rise

Although it was announced that the Social Assistance Index (IAS) would rise by 8% next year, the government has not repealed the law which stipulates that this index, on which a number of social benefits depend, is calculated in the same way as the first pillar. pensions: 20% of GDP plus average inflation in the absence of housing at the end of the year (confirmed, this will be November).

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The Department of Labor has already assured Business that it will also update IAS to comply with the legal terms. Thus, if the current figures are confirmed, this figure could increase by about 8.4% instead of the declared 8% to 481.09 euros in 2023.

The IAS depends, for example, on the minimum and maximum amount of the unemployment subsidy, the amount of the social unemployment subsidy and the updated levels of various benefits, including pensions. This should also depend on the RSI value, a legal rule that has been forgotten in recent years.

The news was last updated at 12:49 pm with estimates slightly adjusted for a new average calculated from today’s GDP data. The IAS value has been adjusted to EUR 481.09.

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Economy

Waterline of Wall Street and Europe with news from China – Markets in a Minute

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Red tide in Europe.  Eurozone interest rates worsen – markets in a minute

Euribor climbs three and six months to new highs in almost 14 years

Euribor rates rose today to new highs since the beginning of 2009 in three and six months and remained at the level of 12 months, but also at the maximum level.

The six-month Euribor rate, most used in Portugal for home loans and entering positive territory on June 6, rose today to 2.442% plus 0.006 points, a new high since January 2009.

The six-month average Euribor rose from 1.596% in September to 1.997% in October.

The six-month Euribor has been negative for six years and seven months (from November 6, 2015 to June 3, 2022).

The three-month Euribor, which entered positive territory for the first time since April 2015 on July 14, also rose today, setting a new high since February 2009 at 1.984% plus 0.030 points.

The three-month Euribor was negative between 21 April 2015 and 13 July last year (seven years and two months).

The three-month average Euribor rose from 1.011% in September to 1.428% in October.

For 12 months, Euribor has not changed today as it was once again set at 2.892%, the same value as on Monday and the highest since January 2009.

After rising to 0.005% on April 12, positive for the first time since February 5, 2016, the 12-month Euribor has been in positive territory since April 21.

The average Euribor rate for 12 months increased from 2.233% in September to 2.629% in October.

Euribor began to rise more significantly from February 4, after the European Central Bank (ECB) admitted that it could raise key interest rates this year due to rising inflation in the eurozone, and the trend accelerated with the start of the Invasion of Ukraine on February 24.

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On October 27, to curb inflation, the ECB raised three key interest rates by 75 basis points, the third consecutive increase this year, after raising three interest rates by 50 basis points on July 21. growth after 11 years, and on September 8 by 75 basis points.

Changes in Euribor interest rates are closely linked to increases or decreases in ECB key interest rates.

Three-, six- and 12-month Euribor rates hit record lows respectively: -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021.

Euribor rates are set at the average rate at which a group of 57 eurozone banks are willing to lend money to each other in the interbank market.

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Economy

OBSERVATION | Mercadona opens store in Alverca and recruits staff

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OBSERVATION |  Mercadona opens store in Alverca and recruits staff

Supermarket company Mercadona is set to open a new store in Alverca do Ribatejo next year and is recruiting 65 full-time and part-time employees.

The company said in a statement that the job offer already reflects the salary update that the company will apply from January 2023, which will see the starting salary of its employees in Portugal at €12,410 per year. Mercadona promises employees a salary increase with an annual increase of 11 percent, which allows them to achieve a monthly salary of 1414 euros gross (including twelfths) for a maximum of 4 years of service. In addition, employees also receive an annual goal-based bonus, which corresponds to an additional salary in the first 4 years and two additional earnings in subsequent years.

“Mercadona continues to focus on job creation and for this reason the new offerings support the drive to build a team focused on excellence and service, highly motivated and aligned with the company’s vision. To this end, in addition to an attractive salary and a permanent contract from day one, Mercadona offers its employees the opportunity to develop within the company.

Mercadona has a differentiated HR policy that focuses on career building, salary growth, equity and internal promotion, “which is one of the main ways to evaluate and create development opportunities.”

Those interested in applying can do so on the Mercadona website under the Jobs section. The company opened its first supermarket on July 2, 2019 in Canidelo, Vila Nova de Gaia and currently has 38 stores in the areas of Porto, Braga, Aveiro, Viana do Castelo, Setubal, Santarem, Viseu and Leiria. In 2021, it achieved sales of 415 million euros and paid 62 million euros in taxes through the Portuguese company Irmãdona Supermercados, based in Vila Nova de Gaia. The year ended with a team of 2,500 employees and an investment in Portugal of 110 million euros. In order to share with the community a part of what it receives, in total Mercadona has already donated 670 tons of basic food in the first half of 2022 through its stores in Portugal.

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“These donations, which are equivalent to more than 11,000 carts, were for more than 30 social canteens, five food banks and other social institutions,” the company explains.

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