The long-awaited reform pension will finally arrive in 2024 Even though it’s not what we expected. Last March, Royal Decree 2/2023 of 16 March 2023 was approved, which stipulates that pensions will increase annually for a period of four years until 2027. 75% higher than now. Despite the law coming into force New Reformation PensionThese will not increase even half as much as this year due to CPI.
According to this text, They will increase by 20% in 2024 Regarding 2023, 30% in 2025, 50% in 2026 and finally, 75% in 2027. Additionally, these supports will be revalued according to November CPI data. According to the minister’s law José Luis Escriva, Pensions will be increased centrally 2023 inflation dataSince it is not known what it will be like in November, half of last year. The political situation in the country does not make it clear that this increase will be made immediately.
General Government Budgets (PGE) in 2023 included: 8.5% increase in the minimum and maximum amount of pension. The incumbent Government neither approved the extension nor announced the new PGE; hence this revaluation was not approved.
The decline in inflation leaves a new scenario
Social Security provides this Pensions increased by around 4 percent according to the inflation rate. According to the first developments, the data will be known in December, significant improvement in the indicator The system that measures the living standards and purchasing power of Spaniards according to their consumption habits. The rate of 8.5% in 2022 has clearly been reduced due to the stabilization of product prices.
This data will bring about a series of economic decisions like this, so that, except for a last-minute surprise, the above-mentioned 4% rate will not change much. Predictions say this will happen Average pensions in 2024:
- Pension: 1,361.36 euros
- Permanent disability: 1,150.24 euros
- Widowhood: 848.64 euros
- Orphanhood: 480.48 euros
- Family kindness: 690.56 euros
New Pension Law
The government estimates that average spending on pensions will remain at the same level as a percentage of GDP after the system is reformed. 12.4% between 2024 and 2050. The target is to protect minimum pensions equal to 60% of the minimum income for a typical family of two adults. Retirees are looking forward to 2024 to finally find out what income will enable them to survive on a monthly basis and cover all their expenses.