The month ends soon, and about 10 million retirees are watching their bank accounts closely. It’s not just about keeping savings in check; it’s also about the pension payment date coming up and arranging funds accordingly.
Social Security regulations require monthly payments to be available in the beneficiary’s account or a partner bank on the first business day of the month, and in any case before the fourth calendar day of the month.
Contributory pensions are deposited directly into bank accounts, except for individuals under 18 or legally disabled, where pension payments go to their guardians or those legally responsible for them.
Join BİLGİ WhatsApp channel
Pensions, regardless of the Social Security regime they are affiliated with, are issued in 14 installments annually. They occur once a month, with two additional installments in June and November to align with the summer and winter holidays. In this schedule, October marks the last regular payment before the second extra payment of the year.
It is worth noting that pensions in 2023 rose by 8.5% from January, based on the 2022 CPI. FUNCAS data project a further increase of around 4.7% for 2024.
Farewell to the current pension system? An expert proposes a more efficient approach
When will pensions be paid in October? Some banks process retirement deposits between the 23rd and 25th of each month, while others may disburse funds a couple of days earlier.
2024 Social Security notification: Retiring at 61 could be possible if certain criteria are met
These are the dates by which each financial institution will deposit pensions for September 2023. Since dates can change, it is always best to check with your bank for a specific date. In practice, the typical schedule is:
- Banker: Monday, October 23
- Engineers Fund: Monday, October 23
- CaixaBank: Tuesday, October 24
- Santander: Tuesday, October 24
- Abanca: Wednesday, October 25
- BBVA: Wednesday, October 25
- Cajamar: Wednesday, October 25
- ING: Wednesday, October 25
- Ibercaja: Wednesday, October 25
- Kutxabank: Wednesday, October 25
- Sabadell: Wednesday, October 25
- Unicaja Bank: Wednesday, October 25