With news about pensions, June approaches and many retirees are awaiting updates from the National Institute of Social Security (INSS) to learn when their extraordinary contribution pension will be paid. Summer arrives, and with it a welcome boost to bank accounts.
Like clockwork, older residents anticipate one of the most important months when an additional payment lands. This year, many banks and savings banks will offer extraordinary salary advances as well.
Double surprise in 2023: some retirees may receive two pensions at once [Source: INSS].
But this bonus is not available to every retiree in current accounts. The elderly and disabled beneficiaries receiving non-contributory pensions through the Institute for the Elderly and Social Services (Imserso) are also eligible for the adjustments. A notable change this year is that, starting in June, with the government’s approval, the surcharge will rise by 15 percent. That higher amount will be reflected in payments through the end of the year.
These days pensions will be collected in April: write the dates
Normally, as a general rule, the General Treasury of Social Insurance (TGSS) processes pensions either with or without contributions in arrears. In practice, this means the first business day of the following month (for example, July 1). Recently, that period has shifted toward the last week of the month, and there are banks that will deposit the June supplement even earlier.
Social Security has explained how two pensions can be received simultaneously in 2023. The logistics vary by institution, but the principle is simple: the advance payment may be issued by the bank before the official date.
The dates for the additional June charge are determined by each bank
SGK has announced that pension collections will begin on June 1, while TGSS will advance payments to banks from June 25. The extra fees for this month will apply. Some banks, like CaixaBank, will advance funds to allow retirees to collect earlier.
Since the 25th falls on a Saturday, some banks will process collections on the next business day (Monday, June 27). Others prefer to provide the money as an early release, resulting in a mix of approaches across banks.
- Caixabank, from June 24.
- Banco Santander, from June 24.
- BBVA, from June 25.
- Bankinter, from June 23.
- Abanca, from June 27.
- Unicaja, from June 24.
- Banco Sabadell, from June 24.
- Ibercaja, from June 24.
- Cajamar, from June 27.
- ING, from June 25.
- Kutxabank, from June 27.
Pension reform: How is the surcharge charged now?
The system is straightforward. The surcharge applies over 12 months, paid in 14 installments. In other words, the income bonus arrives in June and November. If a retiree is receiving it for the first time, the collection date may change. In that case, the financial institution will issue the first issue for the last business day of the month, provided that it is not a weekend or holiday.
[Source: TGSS and participating banks] The process and dates may vary by institution, so retirees should check with their bank for exact timing.