With news about pensions rolling in, June is approaching and many retirees await from the National Institute of Social Security INSS to see when they can receive their extraordinary contribution pension. Summer arrives, and with it, a little extra in the bank account.
Like clockwork, older adults look forward to one of the most anticipated months as the overpayment lands. This year, a number of banks and savings institutions will also offer extraordinary salary advances.
However, this bonus is not available in every current account. The elderly and disabled recipients of non contributory pensions through the Institute for the Elderly and Social Services IMSERSO are affected as well. There is a notable new development this year: since June, with government approval granted for the first time to raise the surcharge, it will be 15 higher. That increase will be paid through the end of the year.
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Normally, as a general rule, the General Treasury of Social Security TGSS pays pensions in arrears, meaning the first business day of the following month. In practice the schedule has shifted, with some banks and savings institutions depositing the June supplement even earlier.
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The dates on which the additional fee for June will be collected according to your bank
SGK has announced that pension collections will begin on June 1, while TGSS will credit banks in advance from June 25. Extra charges will apply this month. 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 the 27th. Others choose to provide the funds as an advance. This is the result.
- Caixabank, starting June 24.
- Banco Santander, from 24 June.
- BBVA as of June 25.
- Bankinter, as of June 23.
- Abanca, as of June 27.
- Unicaja from 24 June.
- Banco Sabadell, starting June 24.
- Ibercaja, from the 24th of June.
- Cajamar, starting June 27.
- ING, from 25 June.
- Kutxabank, from 27 June.
Pension reform: How is the surcharge charged now?
In simple terms, the surcharge works this way in Spain 12 months, 14 installments. In other words, a retirement payment includes an income bonus that arrives in June and November. If a retiree is receiving it for the first time, the collection date might shift. In that case the financial institution will issue the first installment on the last business day of the month, provided it is not a weekend or holiday.