Rewriting pensions data for clarity and context in North America

Early retirement declines for the seventh month after pension reform

In October, Social Security paid out a record 10,887 million euros in pensions. The Ministry of Participation, Social Security and Immigration reported that the increase in expenditures was 4.5 percent year over year, while it was 6.2 percent higher than the same month in 2021. The average pension figures show notable variation across schemes, with higher averages in coal and marine mining compared to general and self-employed plans. The average pension for the General Programme stood at 1,405.9 euros, while the Self-Employed Plan averaged 837.3 euros per month. In coal mining, pensions averaged 2,451.4 euros per month, and in marine mining they averaged 1,396 euros. The average widow pension in October was 780.6 euros per month, and the system overall recorded growth driven by pensions in the categories of ordinary pensions, permanent disability, widows, orphans, and relatives, rising by 5.4 percent to 1,093.13 euros per month on October 1. This reflects a 5.2 percent annual increase in the broader pension system, influenced by demographic and policy factors.

In September, the latest data available, the average pension for new registrations rose to 1,435.7 euros per month.

In October, the average widow pension and the pension across the system with multiple classes showed continued growth, contributing to the overall rise in pensions by 5.2 percent year over year and a 5.4 percent increase to 1,093.13 euros per month on October 1. The widow pension contributed to the strengthening of the system as a whole, with broad support for dependents and survivors.

October expenditures and the record pension outlay

The Social Security administration allocated a record 10.887 billion euros for pensions in October. The Ministry of Participation, Social Security and Immigration noted a uniform rise in spending, up 4.5 percent compared with the previous year, and 6.2 percent higher than in 2021. This reflects ongoing policy support for retirees and beneficiaries across the country. Source attribution: Ministry of Participation, Social Security and Immigration, October data release

Pensions in 2023: how much and when will they increase?

The retirement spending, managed by the Department, is projected to reach 11.8 percent of GDP for the tenth month of the year. This share is lower than in 2020, when it stood at 12.4 percent, and also lower than 2021’s level, which was about 12.1 percent of GDP. The pandemic’s impact on GDP helps explain part of this trajectory as policies and economic conditions evolve. Source attribution: Department of Retirement Spending projections

Pension expenditures rose 6.2% to 10.887 million in October

Nearly three-quarters, specifically 72.5 percent, of the 10.887 billion euros allocated for premium pensions in October went toward regular pension payments, totaling 7.8902 billion euros, up 6.77 percent from October of the previous year. This pattern underscores sustained support for current retirees within the system. Source attribution: October pension disbursement report

Pensioners affected by the January 2023 changes to pension payments

In January 2023, 1.836 billion euros were directed to the widow family pension, about 5.1 percent more than a year earlier, while 982 million euros, up 3.9 percent, went to permanent disability benefits. The orphan’s benefit required 149.8 million euros, up 4.9 percent, and total family-related benefits amounted to 28.5 million euros, up 6.9 percent. Source attribution: January 2023 pension outlay report

What you gain from early retirement options

In October this year, 9,959,123 contributed pensions were paid to a little over 9 million retirees, up 0.8 percent from a year earlier. Of the total pensions, 6.27 million were regular pensions, 2.35 million were widow’s pensions, 948,917 were for permanent disability, 341,194 benefited from orphan’s pensions, and 44,505 were benefits for relatives. These figures illustrate how different strands of the system support a broad range of retirees. Source attribution: National pension distribution statistics

Bank of Spain: The cost of rising pensions for public pensions could reach 27,000 million

As of October 1, 4.6 million of the total retirees (9,022,989) were men and 4.4 million women. The number of pensions per retiree stood at 1.1. The most common pension is the standard pension for about 6.2 million people, followed by widows for 1.6 million, permanent disability for 943,539 retirees, orphans for 323,925 people, and relatives’ aid for 43,766 retirees. Source attribution: Bank of Spain pension outlook