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State pensioners in Spain to receive notification of benefit increase

The Local Spain
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State pensioners in Spain to receive notification of benefit increase
State pension increase in Spain. Photo: ❄️♡💛♡❄️ Julita ❄️♡💛♡❄️ / Pixabay

The Spanish government, this Monday, has sent a letter to the nine million Spaniards who receive contributory pensions to inform them of an 8.5 percent increase for 2023.

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The rise was agreed in the General State Budget for 2023 and is signed by the Minister of Inclusion and Social Security, José Luis Escrivá. 

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"It is clear that in 2022 we experienced an increase in inflation, linked to the war in Ukraine. However, whatever the circumstances, you must be sure that the purchasing power of your pension is always guaranteed," Escrivá stated in the letter that pensioners will receive from this Monday.

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

Escrivá also points out in the letter that the political parties and unions still haven’t reached a full agreement on this issue, but that it is “almost finished’. 

Social Security also sends out a similar letter to pensioners each year, informing them of the revaluation of their benefits. 

READ ALSO: How to claim a pension in Spain if you’ve not worked enough years

It is typically sent together with a document indicating how much the amount of the recipient's pension will increase. 

In the case of contributory pensions, which require having contributed a minimum of years to Social Security, the increase will be 8.5 percent. 

READ ALSO: How many years do I have to work in Spain to get a pension?

The average retirement pension in Spain is €1,367 paid 14 times a year. The 8.5 percent increase means that state pensioners in Spain will receive almost €1,500 more per year.

For non-contributory pensions and those on minimum vital income, the increase is will be 15 percent. 

These benefits do not require having contributed to Social Security, for a certain number of years but are much less than the contributory ones. 

In December of last year, a total of 267,093 non-contributory pensions had been registered, with an average benefit of €488.80, paid 13 times a year. 

After the rise, the average non-contributory pension will be €561.80 per month. In the case of the minimum vital income, the amount of aid varies greatly depending on individual situations.

For example, for a household made up of a single person, the amount would increase from €491.60 per month in 12 payments to €565.30.

Pensioners will have to wait until the end of this month to see the increases reflected in their payments. Banks usually pay benefits between the 24th and 25th of each month, depending on the financial institution the recipient collects it from. 

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