The March disbursement from Social Security shows a record figure: 11,945.6 million euros in pension contributions. The total reflects an 10.8% year-over-year rise, driven by an 8.5% revaluation applied this year, according to the Department of Inclusion, Social Security and Immigration announced on Tuesday.
The department, led by Jose Luis Escriva, notes that retirement spending reached 11.7% of GDP over the last twelve months. That share matches the figure for 2022 but trails the 2020 level of 12.4% of GDP, a year shaped by the pandemic’s impact on GDP and the following 2021 result of 12.1% of GDP.
In March of this year, payments for retirement contributions totaled 10,019,006, marking a 0.9% increase from the prior year. Of all pensions issued, more than 6.33 million are retirement pensions and 2.35 million are widows’ pensions.
Average pension reaches 1,372 euros per month
Following the CPI-driven adjustments and the annual pension increases implemented at the start of the year, the average pension rose by 9.7% year-over-year in March, reaching 1,372 euros per month.
The average pension, which encompasses the system’s various categories such as retirement, permanent disability, widowhood, orphanhood, and other benefits, also advanced by 9.7% year over year. As of March this year, the average stood at 1,192.3 euros per month.