The Pension Season: June Advances and Extraordinary Increases Explained
June signals a busy period for retirees as many await responses from the National Institute of Social Security (INSS) about their extraordinary contribution pensions. With summer arriving, banks anticipate a surplus in their ledgers and retirees expect a favorable uptick in funds. The anticipation of extra payments is high among pensioners, especially as some banks and savings institutions announce extraordinary salary advances in the same period.
In a surprising development for 2023, some retirees may receive two pension disbursements within the same month. This possibility has drawn attention, though it is essential to note that not all beneficiaries will be eligible for a separate advance in their current accounts. The elderly and disabled beneficiaries who rely on the non-contributory pension, managed by the Institute for the Elderly and Social Services (Imserso), are also part of the landscape. A new change this June, following government approval, raises the surcharge by 15 percent, with the higher rate remaining in effect through year-end, as described by official channels this year.
Historically, pensions are deposited in arrears by the General Treasury of Social Security (TGSS), typically the first business day of the following month. However, there have been shifts in practice, with some banks offering earlier deposits for the June supplement. This adjustment means some retirees may see funds sooner than the standard schedule.
April Pensions: Important Dates You Should Know
Under ordinary circumstances, pensions are paid in arrears by the TGSS, with funds arriving on the first business day of the following month (for example, July 1). In recent cycles, the payment window has sometimes extended to the latter part of the month, and several banks have begun disbursing the June supplement earlier. This pattern varies by institution and month, so it is wise to check with the bank handling the pension and to stay informed about any announced early disbursements. For personal planning, note that a bank may advance the payment while the TGSS processes the official disbursement later in the month.
Social Security has also shed light on the possibility of receiving two pensions at once in 2023, an arrangement that some may encounter depending on the individual pension setup and the issuing authorities. It is advisable for beneficiaries to confirm their eligibility with their financial institution and to review any relevant updates from social security authorities.
The Schedule for the June Advance: Which Bank Will Disburse When
Official notices indicate that pension collections will commence on June 1, with TGSS releasing funds to banks in advance beginning June 25. The month may see additional surcharges, and several banks have announced early disbursement, allowing retirees to access funds sooner. Examples of advancing institutions include CaixaBank, with funds available 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; and Kutxabank from June 27. Note that weekend considerations may shift the effective date to the next business day in some cases, while others may maintain earlier disbursement regardless of the calendar. These patterns illustrate how different banks handle the timing of pension advances in response to the June cycle. (Source: institutional notices from the banking sector.)
Pension Reform: How the Surcharge Is Charged Now
The surcharge structure follows the standard Spanish practice: twelve monthly payments split into fourteen installments, which means an income adjustment typically arrives in June and November. For retirees receiving this adjustment for the first time, the collection date can vary. In such situations, the financial institution will issue the first installment on the last business day of the month, provided that day is not a weekend or a holiday. This explanation reflects the ongoing framework used to distribute surcharges across the year. (Official guidance from social security authorities.)