For a job that is configured to run once a day, in forward incremental mode, with a full backup once a month, with 14 restore points, Veeam Backup & Replication will take a full backup and then 13 incremental backups before it meets the minimum restore points. However, it cannot delete the full backup or any of the incremental backups, because they are part of one continuous chain. If the full backup was deleted, the incremental backups would not be usable, thus not meeting the retention requirements.
Veeam Backup & Replication will neither delete the original full, nor the month full of incremental backups until a new full and 13 additional incremental backups are run.
This means that Veeam Backup & Replication will, at times, have as many as 45 restore points (31 days for a full + incremental chain for a month, plus 14 days of the next full and incrementals) before it can delete the previous months’ backups — as Veeam Backup & Replication is committed to keeping at least 14 restore points.