At the last Council of Ministers of the year, the government approved the revaluation of pensions according to the CPI. The National Institute of Statistics (INE) has published the final CPI data for November and these data serve as a reference for revaluation. pension In 2024. Finally, contribution payments will increase by 3.8%. January 1 of next year Retirees will now have their benefits recorded in their payroll in the first month of the year with the updated tables.
The increase in contributory pensions, which are the most common among retirees and are currently received by about 10 million people, will increase in line with the average development of the economy. CPI They will maintain their purchasing power in 2023.
2024 will be the third year of the new formula announced by the former Minister of Social Inclusion and Social Security. José Luis Escrivareached an agreement with employers and unions to automatically re-evaluate contributions every year. This is the result of calculating the average inflation between December of the previous year and November of this year. For the next year, this rate was 3.8%.
So, if the average contribution is currently 1,197.9 euros (based on payroll paid in November), it will increase to approximately 1,243.3 euros from January. 45 euros average increase. All contribution pensions paid due to widowhood, temporary disability or orphanhood will also increase at the same rate. maximum pensionits share will increase at the same rate 3.175 euros The monthly gross is 116 euros more than in 2023.
In Spain, the largest portion of contribution-based pensions paid by Social Security are pensions, with around 6.4 million benefits in particular. These are followed by retirement widowhoodabout 2.3 million permanent disability (0.9 million) and orphans (0.3 million).
Minimum pension increased by 6.9 percent
Currently the minimum amount of non-contributory pension 565.37 euros per month (or 6,784.44 euros per year) and the Government has now approved a more intense increase for these benefits: 6.9%Those most accused are sensitiveis more intense than the others. There are around half a million people in Spain who receive a non-contributory pension, whether it is minimal or due to disability.
amount Minimum Vital Income The state minimum income (IMV) received by nearly two million people, according to Social Security data, will also increase by 6.9%. The available amount varies between €565.37 and €1,243.83, depending on the number of people in the co-living unit, and will increase to between €604.4 and €1,329.6.
‘Paguillas are disappearing’
The new pension calculation system eliminates formulas applied in the past, such as ‘payments’ made to compensate for the difference between the final CPI and the increase approved by the Government at the beginning of the year. Such an income, which was common decades ago, did not exist in 2023, neither this year nor in the coming years. Now traditional ‘paguillas’ are disappearing from pension slips.