The Parliament has adopted the Retroactive Budget for 2014, this widens the base of the Portugal’s “Extraordinary Solidarity Contribution” (CES) on pensioners. The CES will apply to pensions greater than EUR 1,000/month (previous level, EUR 1,350/month). The measures also implement two new marginal tax rates of 15% and 40% applicable on pensions in excess of EUR 4,611 and EUR 7,126 respectively (in place of current rates of 3.5 to 10%). The government, justifying the increase, said that over 87% of Portuguese pensioners will remain exempt from the CES contribution after the base widening.