The amount of the pension is the main concern of people who are going to retire, and it is not surprising: this retirement pension replaces the salary when retirement is effective and therefore becomes their main source of income.
The Spanish pension system brings together a series of particularities and one of them affects the calculation of the retirement pension. All this is due to the various reforms of the last fifteen years, which aimed to guarantee the sustainability of said system through different measures.
One of them was increase the contribution period for calculating the pension amount: The 2011 pension reform increased it on the basis of a progressive schedule starting in 2013 and ending in 2027 which adds, year after year, a longer contribution period to be taken into account in the calculation of the pension. regulatory basis.
It is therefore relevant each year to ask the question of the method of calculating the retirement pension. So, as we approach the turn of the year, the question is: how will superannuation be calculated in 2025?
How will the retirement pension be calculated in 2025
Let us turn to the General Social Security Law, which devotes its articles 209 and 210, in addition to several transitional provisions, to the amount of the retirement pension (you can consult them on this link):
The first thing to do is calculate the regulatory base of the worker, which in this case is obtained by adding the contribution bases for the 25 years preceding retirement (there are a total of 300 bases) and dividing this sum by 350.
Two aspects must be taken into account in this calculation of the regulatory base:
- Social security applies coefficients to all contribution bases, with the exception of those of the last two years, to reflect the effect that inflation had in them.
- Workers can benefit integration of deviations to fill periods without contributions with fictitious bases (between 100% and 50% of the minimum base in force at a given time). This assistance is not available to self-employed workers and domestic workers.
The second step is calculate the regulatory base percentage to which the worker is entitled and which, ultimately, will be the amount of the pension. These percentages depend on the total contribution of the worker throughout their working life:
- With the minimum required to receive a contributory pension, 15 years, the citizen is assured of 50% of the regulatory base.
- For each of the following 49 months, an additional 0.21% of the regulatory base is granted.
- For each of the following 209 months, an additional 0.19% of the regulatory base is granted.
On the basis of these references, and as specified by Social Security on its website, a worker who wishes to receive 100% of the regulatory base must have contributed for at least 36 and a half years.
