To calculate the regulatory basis for those retiring In 2024, the last 25 years of contributions are taken into account. The sum of the quotations of these months is divided by 350, taking into account that the last 24 bases are calculated at their nominal value and that the previous ones are updated according to the Consumer Price Index (CPI). From 2027, it will be possible to choose between two calculation methods: the current 25 years or the last 29 years, removing the two lowest contribution years, with a gradual deployment until 2038.
As for the list of gapsIf a worker benefits from contribution-free periods, the first 48 monthly payments are made up of 100% of the minimum base. For the remaining months, 50% is taken into account. However, salaried workers benefit from an improvement, benefiting from the 100% of the minimum base until the fifth year and 80% between the sixth and seventh. In addition, self-employed workers who retire from 2023 will be able to include up to six months of interruptions with the minimum base.
Retirement pension according to years of contributions in 2024
THE retirement pension amount is determined from the regulatory base, which is multiplied by a percentage linked to the years of contributions accumulated throughout the professional career. All contribution schemes are considered, which means that it is possible to receive two retirement pensions simultaneously if you have worked in different schemes. However, the amount received monthly depends on a percentage corresponding to the total number of years worked.
The regulatory basis represents 100% of the pension entitlement and It is calculated by dividing the last 300 contribution bases by 350. For this calculation, it is important to consider “contribution gaps”, which are periods during which no contributions have been paid and which can be filled by “fictitious contributions”.
Generally, during the first 48 months without contributions, the 100% of the current minimum baseand from month 49, it is reduced to 50%. From 2024, women will be able to benefit from an extension of this benefit, maintaining 100% of the minimum base until month 60, and a decreasing percentage until month 85. However, this benefit does not apply to self-employed workers or employees. from home.
Regarding the percentages applicable to the regulatory baseWorkers who have contributed for at least 15 years will receive 50% of this base. From there, each additional month over the next 49 months will increase the percentage by 0.21%, while for the following months until a total of 209 months is reached, the increase will be 0.19%.
To obtain 100% of the regulatory base, it is necessary have contributed for at least 36 years and six monthsThese coefficients will be valid until 2026, when they will be updated in accordance with Law 207/2011, which regulates the retirement age and updates the coefficients.
So, the pension percentages Depending on the years of contributions, they are as follows: those who have contributed for 15 years get 50%, while those who are 36 years and six months or older are entitled to 100%.
Furthermore, if the calculated pension is less than the current minimum pensionyou can request a minimum supplement to reach the minimum amount established each year.
- 15 years old: Regulatory base: 50.00% – Pension with minimum wage: €567
- 16 years old: Regulatory Base: 52.52% – Pension with minimum wage: €595.58
- 17 years old: Regulatory Base: 55.04% – Pension with minimum wage: €624.15
- 18 years old: Regulatory Base: 57.56% – Pension with minimum wage: €652.73
- 19 years old: Regulatory Base: 60.08% – Pension with minimum wage: €681.31
- 20 years old: Regulatory Base: 62.38% – Pension with minimum wage: €707.39
- 21 years old: Regulatory Base: 64.66% – Pension with minimum wage: €733.24
- 22 years old: Regulatory Base: 66.94% – Pension with minimum wage: €759.10
- 23 years old: Regulatory Base: 69.22% – Pension with minimum wage: €784.95
- 24 years old: Regulatory base: 71.50% – Pension with minimum wage: €810.81
- 25 years old: Regulatory Base: 73.78% – Pension with minimum wage: €836.67
- 26 years old: Regulatory Base: 76.06% – Pension with minimum wage: €862.52
- 27 years old: Regulatory Base: 78.34% – Pension with minimum wage: €888.38
- 28 years old: Regulatory Base: 80.62% – Pension with minimum wage: €914.23
- 29 years old: Regulatory Base: 82.90% – Pension with minimum wage: €940.09
- 30 years old: Regulatory Base: 85.18% – Pension with minimum wage: €965.94
- 31 years old: Regulatory Base: 87.46% – Pension with minimum wage: €991.80
- 32 years old: Regulatory base: 89.74% – Pension with minimum wage: €1,017.65
- 33 years old: Regulatory base: 92.02% – Pension with minimum wage: €1,043.51
- 34 years old: Regulatory base: 94.30% – Pension with minimum wage: €1,069.36
- 35 years old: Regulatory base: 96.58% – Pension with minimum wage: €1,095.22
- 36 years and six months or more: Regulatory base: 100.00% – Pension with minimum wage: €1,134
New retirement age
Spain is going through a transition period in which the retirement age will gradually increase until 67 years old in 2027. Since 2013, this age has increased by 65 years each year. Since January 1, 2025, those who have not contributed for at least 38 years and 3 months will have to wait until 66 years and 8 months to retire, which is a change from 66 years and 6 months in 2024.
For those who have contributed for the required 38 years and 3 monthsRetirement will continue to be at age 65. However, the required contribution time increases each year. Thus, in 2025, a higher contribution will be required, which will extend until 2027.
