Healthplan Spain


Spain’s Pensioners Will Receive Letter About The 8.5% Pension Increase From This Monday Spain News

Starting today Monday, January 16, pensioners in Spain will start to receive a letter informing them of the 8.5 percent pension increase.

Nine million Spaniards who receive contributory pensions will receive the letter that is signed by the Minister of Inclusion and Social Security, José Luis Escrivá, informing them of the increase in their benefits after the arrival of the new year, as approved in the General State Budget (PGE) for 2023.

The letter also recalls that pensions are shielded against price increases.

"It is clear that in 2022 we have experienced an increase in inflation, linked to the war in Ukraine. However, whatever the circumstances, you must be sure that the protection of the purchasing power of your pension is always guaranteed thanks to Law 21/2021 approved at the end of 2021.

"The pension system is one of the main assets of our welfare state and, therefore, we have worked and continue to work hard to strengthen and modernise it," the letter continues.

The Minister of Social Security affirmed the importance of giving pensioners stability and confidence in the revaluation of their pensions, which was supported by the parliamentary majority through the Toledo Pact, as well as in the recently approved reform package.

José Luis Escrivá explains in the letter that his department is working to “strengthen and modernise” the pension system, with the second block of the reform, which was supposed to be approved at the end of last December, but which is still awaiting approval.

Escrivá notes in the letter that the reform is “almost complete” with “significant measures to make our pension system stronger and fairer”.

The announcement that the pensions would be rising was made back in December with the government stating that all pensioners, regardless of income level, would receive the increase.

In an added boost, the country's statistics institute (INE) recently published its latest report showing that inflation had plummeted to 5.7% by the end of December, meaning that Spain now has the lowest inflation rate of any EU country.

This is significantly lower than the 10.8% registered in July last year and means that pensioners will have even more spending power from January.