The end of November is good news for the majority of Spain’s 9.23 million retirees. THE retired Spaniards and those who receive other types of contributory and non-contributory pension will receive on the occasion of the Christmas additional remuneration provided for by law. From next January, they will also see their pensions increase by around 3%, in the absence of official confirmation of the Ministry of Social Security, Inclusion and Migration.
The end of the year brings extra pay for the country’s millions of retirees. Spain. According to the law, these have stipulated that their contributory and non-contributory pensions are divided into 14 payments, including two additional ones in July, due to the summer, and another in December with the arrival of July. . Christmas. Thus, at the end of November, Spaniards who receive a pension will have a good income in their current account.
It must be taken into account that pensions are generally received at the beginning of the month but, for months, banks have been bringing forward the payment of pensions to the end of the previous month. pensions to clients whose pension is domiciled in the corresponding banking entity. This advance is intended to make it easier for retirees to make ends meet. Therefore, during the last week of the month, they will see their corresponding income doubled.
In Spain All retirees are entitled to this additional payment, with the exception of those who receive pensions derived from work accidents and occupational diseases, who receive 12 monthly payments and the additional payments in proportion to the ordinary monthly payments. This will be the only group of retirees who will not receive a double payment with the arrival of the Christmas.
Record pension spending
The next month of November is also presented as historic with regard to the expenditures made by the Ministry of Inclusion, Social Security and Migration. Everything indicates that in the years to come, historical records will be exceeded after those of October. 12,895.8 million euros. These were paid to 9.3 million retirees on the October payroll, including 4.7 million men and 4.6 million women, or 1.1 pensions per person. We must not forget that some people receive more than one pension.
It is for this reason that last October, 10.2 million contributory pensions were paid, including 6.5 million retirement pensions. 2.4 million are intended for widows and the rest corresponded to pensions for permanent disability (983,310), orphans (340,010) and family members (46,228). The average Social Security pension is set at 1,259.6 euros, or 5.2% more than that of the same month of the previous year. Concerning the retirement pension, the average is 1,447.4 euros per month, after an average increase of 5% compared to October 2023.
This average will increase considerably in the coming months due to the increase in pensions that the Government prepared for 2025. In the absence of known data relating to inflation for the month of November, everything indicates that an increase in contributory benefits of around 3% will be announced in mid-December.
This calculation takes into account the annual variation of Consumer Price Index between last December 2023 and November this year. Taking into account the falling inflation data of recent months, in the absence of official confirmation, the increase will be slightly lower than the 3.8% increase scheduled for this year 2024. Everything therefore indicates that the new growth in contributory pensions will be around 3.%.
In view of January 1, a significant increase is also expected in terms of non-contributory pensions, that is to say those received by people who have not reached the minimum contribution of 15 years to be able to access a contributory pension. Thus, these pensions which are reflected in the General state budgets (if it is not approved it will be done by royal decree) it seems that they will increase by around 18.24%. These continue to grow at a rate greater than CPI so that its amount reaches 75% of the poverty line by 2027.
