Pensions in Spain guarantee a minimum monthly income for retirees, which varies depending on the retiree’s age, the presence of dependent family members and other factors.
The year 2023 witnessed significant changes in Spain’s pension system. Revaluation according to CPI and extraordinary increase for non-contributory pension and Minimum Living Income (IMV). Contributory pensions including retirement, permanent disability, death and survivorship, 8.5% increase in 2023. This increase reflects the average CPI between December 2021 and November 2022. Non-contributory retirement and disability pensions and IMV allowance increased tremendously. by 15%.
The pension increase took effect from January 1, 2023. By adjusting pensions according to the CPI increase, the obligation to make compensation payments due to price deviations has been eliminated.
Thus, the monthly payroll for SSI contributions was as follows: 11.902 million euros in January 2023Including 8.5% revaluation. Moreover, Maximum pension exceeds 3,000 euros gross per month for the first time as we told you here.
Of course, not all pensions have been revalued. those who exceed 3,058.81 euros per month not revaluedwith certain exceptions. The maximum annual amount for any pension is set at €42,823.34
In total, 11.8 million retirees and welfare recipients maintained or increased their purchasing power thanks to these measures; this represents approximately one in four Spaniards.
Minimum pension
The minimum pensions stated on the website of the Ministry of Labor will vary depending on whether the retiree has reached a certain age and whether he has dependent family members, as long as it does not exceed the determined income limit.
In other words, the pension amount of those who want to retire at the age of 65 will vary depending on their situation:
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With dependent spouse: €966.20 per month (€13,526.80 per year).
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Unique (single person): €783.10 per month (€10,963.40 per year).
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With a spouse who does not need care: €743.30 per month (€10,406.20 per year).
If the retiree is under the age of 65, the monthly and annual amounts you will receive are as follows:
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With dependent spouse: €905.90 per month (€12,682.60 per year).
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Unique (single person): €732.60 per month (€10,256.40 per year).
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With a spouse who does not need care: €692.50 per month (€9,695.00 per year).
Finally, if you want to retire at age 65 due to serious disability, the final amounts will be as follows:
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With dependent spouse: €1,449.30 per month (€20,290.20 per year).
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Unique (single person): €1,174.70 per month (€16,445.80 per year).
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With a spouse who does not need care: €1,115 per month (€15,610.00 per year).
Income limit for minimum pension
To reach these minimums, retirees must meet certain income limits that do not include pensions:
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With a spouse who does not need care: €8,614.00 per year.
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With dependent spouse: €10,048.00 per year.
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Unique (single person): €8,614.00 per year.
Pensions in Spain are structured to provide minimum financial support to retirees, adjusted according to each retiree’s personal and family situation. This structure aims to ensure a reasonable standard of living for retirees, taking into account significant differences depending on the presence of spouses and the health status of the retiree.