We have already entered September and many retirees are already thinking about the important news that will come to them in 2024.
As many of you already know, Contribution pensions will be updated according to the Consumer Price Index (CPI) change; If inflation had caused pensions to increase by 8.5% in 2023, The government once again guarantees that retirees will not lose their purchasing power according to the November CPI in 2024.
On the other hand, the monthly amount of those with the lowest pensions will be increased, and by 2027 minimum benefits will be guaranteed to equal 60% of the average income in Spain.
This translates into increments: In January 2024, the difference between the contribution pension reference amount for pensioners with dependent spouses and the poverty line for a household of two adults will be increased by 20%.
“The reference amount of the pension will be increased by the additional percentage needed to reduce the current deficit by 20%,” explains the blog My BBVA Pension, an interesting resource for those interested in learning about pensions.
In summary, minimum contribution pensions for the dependent spouse will increase by 22% from EUR 966.20 to EUR 1,178.50 per month, thus a further increase of EUR 212.37 per month or EUR 2,972 per year in 14 payments.