HEALTHPLAN MAGAZINE

Spanish state pensions will rise from January increasing the average pension income by around 8.5% the government has announced.

The economic crisis which has been the result of the war in Ukraine has meant that the government has had to increase pensions to keep up with soaring inflation which has hit household incomes hard.

The amounts being paid out this year have already exceeded those in 2021. According to the Ministry of Social Security, the sums paid out in October are 6.2% more than the same month last year, with the average pension reaching 1,257 euros per month - a rise of 5.4%.

Up until October, pension spending stood at 11.8% of GDP, slightly lower than the figure of 12.1% for 2021.

The government said it will allocate a total of 190,787 million euros to the pension pot next year - 11.4% more than in 2022.

What will this mean for pensioners?

The additional funding will mean that the average contributory pension will rise by around 8.5% from January 2023.

For example, a pensioner aged 65 or over with a dependent spouse currently receives €12,467 per year or €890.50 per month.

In 2023, the pension will increase to €20,290 with monthly minimum payments rising to €966.19.

Those who do not have a dependent spouse will see their pension increased from €10,103.80 (€721.70 per month) to €10,962 per year or €783.04 per month.

The maximum pension in Spain will also rise significantly from €39,468.52 (€2,819 per month) to €42,823.49 or €3,058 per month.

On average pensioners will receive around 100 euros extra each month.

Over nine million people in Spain are currently eligible for a state pension. More than six million receive a retirement pension, with a further 1.6 million in receipt of a widows/widowers pension.

Source

https://www.marca.com/tiramillas/actualidad/2022/10/27/635a2a34ca47410f378b4576.html
https://www.surinenglish.com/spain/old-age-pensions-increase-20221026120707-nt.html