Social Security offers targeted help to mitigate the impact of inflation and rising rates on thousands of Hispanic families. Government assistance can provide meaningful relief for households facing higher costs. A 700 euro aid program has been introduced to assist families in difficult situations and those in greatest need who qualify for support.
What does the 700 euro aid cover?
The Minimum Vital Income (IMV) is designed for citizens who have little or no monthly income, with entitlement not being unlimited. According to the Social Security platform, eligibility continues as long as the reasons for collection persist and the conditions established by law remain met. This monthly benefit aims to prevent social exclusion for people who lack essential resources and stable access to basic necessities. [Citation: SEPE]
Total aid amount and recent increases
The IMV amount has been adjusted in light of the 2024 revaluation, increasing support for families at risk of social exclusion. For a dependent minor, the baseline may be around 600 euros per month, but the figure rises to 784 euros when there are minors who are financially responsible. Eligibility depends on meeting several criteria and demonstrating ongoing financial need. [Citation: SEPE]
Conditions required for the 700 euro aid
- Residence in Spain with documented, permanent legal and effective habitation. This usually means continuous residence within a region for at least one year.
- Economic fragility demonstrated by income levels. The average monthly income must be at least 10 euros below the monthly IMV amount guaranteed for the relevant household unit. [Citation: SEPE]
The program is part of the social support framework and is complemented by other public measures where available. The aim is to ensure that households in need can access essential resources while maintaining financial stability. [Citation: SEPE]
Compatibility with a wallet card
The Official Government Gazette (BOE) confirms the Wallet card is compatible with IMV. Article 13 states that this subsidy can be combined with other subsidies, aid, or resources from any public or private administration or organization, as long as the combined aid does not duplicate the expenditure elements covered by the IMV. This means the wallet card remains compatible with IMV provided the card’s monthly amount does not exceed the guaranteed income for the cohabitation unit. [Citation: SEPE]
In practical terms, beneficiaries can use the Wallet card alongside IMV as long as the card’s monthly value stays within the IMV entitlement. This allows households flexibility in managing day to day expenses while receiving ongoing support. [Citation: SEPE]