Scope Pension in Spain has seen a few shifts that may catch many off guard as the year closes. If someone is among the more than 10.07 million retirees in the country, they’re likely curious about how they measure up, particularly regarding the Christmas extra payment and whether they receive it in full.
Retirement puzzle in 2023
While an extra payment is a familiar annual feature for many retirees, not everyone gets it in exactly the same way. Social Security has shed light on this tricky issue. Retirees who begin their pension in 2023 might not receive the full extra Christmas pay. The timing of when the pension starts plays a decisive role.
To understand the system, it helps to remember that both contributory and non-contributory pensions are distributed in 14 instalments per year. In addition to the 12 standard monthly payments, retirees anticipate two additional payments, one in summer and one in November, which can help with holiday expenses.
Extra Christmas payment exceptions in 2023
For clarity, Social Security notes that some retirees will not receive the full supplementary salaries in November. Who falls into this category? Those who began receiving their pension in 2023, those who restarted their retirement, or those whose pension was suspended or terminated during the year.
Consequently, retirees who start drawing their pension between January 1 and May 31, 2023 can receive their extra wages without issue. If pension collection begins between June 1 and November 30, they will receive one-sixth of the extra Christmas salary for each month they retire during that period.
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Even with these nuances, there is a small upside: banks often advance the payment date. Although Social Security typically deposits pensions between the 1st and 4th of each month, many banks require payments around the 22nd to 26th. As a result, many pensioners may see their monthly payments, plus the extra Christmas pay, in their accounts between Wednesday, 22 November and Monday, 27 November.
While giving an extra salary to retirees at the start of the year has long been anticipated, 2023 brought some surprises. It’s wise to stay informed and prepared for these changes and, most importantly, to recognize that these rules reflect a pension system that is continually aligning with new regulations. The key is to follow updates and plan ahead to fully enjoy the holiday period.