Spain implemented many new developments in 2023. Minimum Vital Income (IMV)An important social measure to support the most vulnerable citizens. There was a revaluation of 8.5 percent this year in SSI premium and Passive Class pensions, including minimum pension. This rate corresponds to last year’s average inflation. Additionally, non-contributory retirement and disability pensions, with IMV recipients, continue the extraordinary 15% increase approved last July.
The amounts determined for IMV’s 2023 guaranteed income vary depending on the type of cohabitation unit. Monthly amounts in non-single-parent units range from €565.37 for an adult to €1,243.83 for an adult with more than three children. For example, a family of two adults and a minor may receive a fee of 904.60 euros per month, while for a family of two adults and two minor children this amount will rise to 1,074.21 euros.
To review all amounts reflected in aid hover over the chart below The type of family and the corresponding monthly income will be specified.
In single-parent units these figures increase, starting at €859.37 for one adult minor and reaching €1,368.21 for one adult with four or more minors.
In addition to these amounts, monthly alimony supplements that vary depending on the ages of minors have been implemented. According to the Social Security website, which can be accessed from the link below, the sections will be as follows:
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Children under three years of age: 115 euros.
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Children over three years old and under six years old: 80.50 euros.
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Persons over the age of six and under the age of 18: 57.50 euros.
employment promotion
Another important innovation of 2023 is employment incentive. This mechanism aims to guarantee that IMV beneficiaries who participate in the labor market or increase their working hours receive a higher disposable income than they would have without employment.
When the IMV buyer records an increase in business income up to 60% of the Guaranteed Income for your home type, The incentive will increase your disposable income by the same amount. The website also states that “an IMV beneficiary’s disposable income will also increase if increases in income from work are between 60% and 100% of the guaranteed income.” In this case, the incentive will vary depending on three parameters:
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Presence or absence of minors (with a higher incentive for households with children)
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Household composition (with a higher incentive for single-parent families and people with disabilities)
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Previous relationship with the labor market (people joining this market are more incentivized than those currently working.
Finally, it is stated that “the incentive will be maintained, albeit at a lighter level, even for salary increases that exceed the Guaranteed Income threshold for the type of household to which the beneficiary belongs.”
These measures reflect a comprehensive approach to supporting vulnerable families and individuals while encouraging job placement and providing direct financial support.