We are now in 2024 and those who benefit from permanent disability pensions will see meaningful changes in Spain. According to the Ministry of Inclusion, Social Security and Immigration led by José Luis Escrivá, these pensions are expected to reach 20% of the average income. This update matters for more than one million people currently receiving such benefits.
Revaluation of pensions expected in 2024: How much are total permanent disability pensions increasing?
As part of the second phase of pension reform, officials announced an automatic rebalance of pensions from January 1, 2024, aligning adjustments to inflation without requiring special approval in the General State Budgets. With an interannual inflation of 3.8% between December 2022 and November 2023, the government confirmed that pension revaluations will track the Consumer Price Index. The big question remains: how much will total permanent disability benefits rise in 2024?
How much do total permanent disability benefits increase: The impact of the CPI
The CPI-based approach preserves the purchasing power of permanent disability pensions. On average, the pension is set to rise by about 42.44 euros, bringing the typical monthly amount to 1,159.44 euros in 2024, up from 1,117 euros. This signals progress toward reducing the income gap, with a target of reaching 20% of the average income by 2024.
How much do total permanent disability benefits increase under different regimes?
The increases apply across regimes, not only the general pension. In the General Regime, the pension rises to 1,180.65 euros per month. Self-employed workers will see an increase to 879.39 euros per month. Other regimes, such as those for maritime workers and coal miners, will experience even larger increases, reaching 1,585.44 euros and 1,939.79 euros per month respectively. These figures help clarify how total permanent disability wages will change across sectors.
Long-term perspective: Where are we going?
Looking beyond 2024, the government aims to progressively lift pensions to 30 percent of the average income in 2025, 50 percent by 2026, and, if needed, up to 75 percent by 2027 to cross the poverty line. This outlook matters for anyone wondering how permanent disability benefits will rise in the coming years.
Increase in contribution bases and non-contributory pensions
From 2024 through 2050, there will be an additional increase of 1.2 percentage points in contribution bases. This adjustment is essential for the long-term sustainability of the pension system. It is also notable that non-contributory pensions, including retirement and disability benefits, are expected to grow at a faster pace than contributory pensions, continuing the trend of recent years.
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In summary, 2024 marks an important milestone in advancing fairness for permanent disability pensions. Beneficiaries can anticipate a meaningful uplift in their quality of life, with noticeable increases across all categories and programs.