In 2024, the contributory pensions Social Security and those of the State Passive Classes Regime have experienced a general revaluation of 3.8%, determined by the interannual variation of the CPI for the 12 months preceding December 2023. This increase has resulted in a notable increase in average pensions, benefiting retired throughout the country. The average retirement pension increased by 734 euros per year, or an additional 52 euros per month, to a total of 1,380 euros per month. Over the last two years, this type of pension has increased by approximately 2,230 euros.
Furthermore, the average pension of the systemwhich includes all types of contributory pensions, has increased by 638 euros per year in 2024, which is equivalent to 46 euros more per month, to reach 1,200 euros per month. To access the minimum pension supplementThe income ceilings are 8,942 euros per year for those without a dependent spouse, and 10,430 euros per year for those with a dependent spouse. This adjustment aims to ensure that retirees retain a purchasing power in line with the increasing cost of living.
Pension collection date in September
Social Security pays contributory pensions between the 1st and 4th of each monthbeing the first business day of the month following the corresponding period and always before the fourth calendar day. However, the exact date of the deposit may vary, as some banks advance the payment to their clients. In general, pensions are usually paid between the 22nd and 26th of each month and are divided into 14 installments: an ordinary monthly payment for each month of the year and two extraordinary payments in June and November, of the same amount as the ordinary monthly payments.
Some banks stand out for bringing forward the date of payment of pensions. For example, Interbank The payment is advanced until the 23rd of each month, while CaixaBank and Banco Santander do it on the 24th. The customers of these banks are usually the first to receive the Social Security payment.
- Monday September 23: Interbank
- Tuesday September 24: CaixaBank, Banco Santander
- Wednesday September 25: Banco Sabadell, Abanca, ING, Ibercaja, Unicaja, Laboral Kutxa.
- Friday September 27: BBVA, Abanca and EVO Banco.
Tuesday October 1st: Pibank.
Pension increase in 2025
Since January 1, 2025, contributory pensions in Spain (including retirement, permanent disability and widowhood) They will be adjusted according to the average interannual variation of the Consumer Price Index (CPI) between December 2023 and November 2024. The CPI measures the change in the prices of goods and services, reflecting the increase in the cost of living. The revaluation of pensions, effective from 2022, is calculated annually on the basis of this index. In 2023, pensions increased by 8.5%, while in 2024 the increase was 3.8%.
By 2025, contributory pensions are estimated to increase by around 3.06%, based on current CPI projections. This figure will be confirmed when the National Institute of Statistics (INE) will release the final CPI data on December 13, 2024. In the meantime, the advance data for November, which will be known on November 28, will allow a rough estimate to be made.
In addition to this general adjustment, the maximum retirement pension will be reassessed according to the CPI plus 0.115 additional percentage pointsa measure that will be maintained until 2050. Minimum retirement and widow’s pensions, as well as non-contributory pensions, will also see increases above the CPI, with the aim of aligning them with the poverty threshold in the coming years.
In particular, the Minimum retirement pensions for people over 65 with a dependent spouse will increase by an additional percentage to reduce the gap with the poverty line. Similarly, the gender gap will increase by 10% by 2025.
Changes to retirement age
Retirement marks the end of a worker’s professional career and is based on the contributory retirement benefit for those who have contributed to Social Security for at least 15 years, including the two years preceding the application. To access the pension in 2024, you must be 65 years old and have contributed for 38 years, or 66 and a half years with fewer contributions.
These requirements will gradually increase depending on Law 11/2011: by 2025, you will have to be 66 years and eight months old or 65 years old with 38 years and three months of contributions. In 2027, the minimum age will increase to 67, except for those who have contributed for 38 years and six months, who will be able to retire at 65.
THE early retirement allows you to start receiving your pension up to two years before reaching the legal age, although this involves reductions in the amount of between 2.81% and 21%, depending on the number of months before the worker retires. To benefit from early retirement at 63, you must have contributed for at least 36 and a half years, including at least two years in the last 15 years, and not have any unpaid debts to Social Security.
