In Spain, the Government announced that pensions, benefits, and subsidies will rise in 2023. According to the General State Budget Law, non-contributory pensions will grow by 15 percent, meaning beneficiaries will receive about 70 euros more in 2023. This adjustment aims to provide faster relief to those with limited or no income, supporting economically vulnerable groups across the country. The increase for certain contributory pensions has also been proposed, with a planned rise of 8.5 percent. The exact amount will be confirmed on December 14, aligned with the November consumer price index (CPI) data.
In 2023, the retirement age will be adjusted, resulting in later retirement for many workers. Non-contributory pensions are designed to help economically vulnerable individuals, whether they have contributed to the system or not. This category includes disability pension options and provisions managed by the Autonomous Communities. To qualify for the minimum pension, a minimum contribution period of 15 years is required, ensuring a basic safety net for those with limited work histories. (Source: Gobierno de España)
What is a premium pension?
Regarding minimum amounts, the government has indicated that the full pension will rise by 63.21 euros. This would lift the full pension from 457.22 euros to 525.80 euros. The minimum 25 percent pension will increase from 114.30 euros to 131.44 euros, while the full amount plus 50 percent increase would go from 685.83 euros to 788.70 euros. These adjustments reflect a broader effort to maintain purchasing power amid changing prices and living costs. (Source: Gobierno de España)
The new tax framework for 2023 includes changes that also affect pension-related benefits. In addition to the pension increases, help and subsidies are expected to rise. While the government has not specified exact figures yet, the increases are anticipated to be reflected in both minimum and maximum benefit levels. These changes will be significant for households relying on these transfers to meet daily needs and manage today’s economic pressures. (Source: Gobierno de España)
Why retirees are lucky
In summary, the Spanish Government has announced increases across pensions, benefits, and subsidies. Non-contributory pensions will see a 15 percent rise, while contributory pensions are slated for an 8.5 percent increase, with final amounts to be confirmed later. Aid and subsidies are also expected to climb, though the precise changes will be clarified through official announcements. For households in Canada and the United States comparing policy outcomes, these steps highlight how government support can cushion inflation and rising living costs. (Source: Gobierno de España)