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The average retirement pension exceeds 1,300 euros after an annual increase of 8.5%.

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The average retirement pension exceeds 1300 euros for the first time. Quite a bit: it remains at 1,368 euros per month. This is the average figure achieved this January after a large annual increase of 8.5% in 2023, following a year marked by high inflation. Total spending on pensions reaches a new high of €11,902m, representing “11.7%” of GDP, the social security news letter said.

The annual revaluation of pensions has already been implemented, with the first salary payment for the month of January. Last week, Minister José Luis Escriva signed information letters to pensioners that report the agreed revaluation every year. After the pension reform in 2021, the increase is confirmed according to the average index of the previous year. In this year 2023, the result was 8.5%.

With this significant increase, average pensions have increased significantly and exceeded the maximum achieved so far.

As for the average pension of the entire system, the amount exceeds 1,100 euros for the first time and reaches almost 1,200 in one fell swoop. Specifically, it remains at 1189 euros per month. “This amount, which includes various types of pension (retirement, permanent disability, widowhood, orphan and benefit of relatives)”, explains the social security.

1,500 euros, the average retirement of employees

The type of pension with the highest amount is pension. The average benefit of this modality is 1368 euros per month.

“Across the schemes, the average retirement pension from the general scheme is €1,527.8 per month,” where wage earners, most workers, “are, while the lowest is registered in the self-employed scheme, at €910.9.” /month”, explains the Ministry and visually presents the big difference between both groups.

“The average monthly pension in coal mining is 2,666.9 euros, and in sea mode it is 1,518.7 euros,” the Ministry continues about this particularly painful trade.

The average amount of new pension registrations rose to €1,462.8 per month in December 2022, according to the latest data provided by Social Security.

The Bank of Spain has published its latest analysis of pension costs in the EU, which highlights that Spain has benefits that are more like wages, but has more limited access to contributory pensions than most European countries.

Other pensions: from disability to orphans

Retirement is followed by a larger amount of permanent disability pension, which also crosses the second threshold of €1,100. The average disability pension in January was 1121 euros per month.

Widowhood benefits are also subject to another maximum of €800. In January, the average amount reached 848.1 euros per month. On the other hand, the average pension of orphans is 476.9 euros per month.

The Ministry of Jose Luis Escriva also reports that on January 1, “409,970 pensioners have received the gender gap supplement”, of which 92% are women. “The average monthly amount of this pension supplement is 66.2 euros.

Of the 409,970 added pensions, 22% correspond to pensioners with children (90,450) who previously did not have access to the maternity allowance, the PP regulation, which abolished the European justice system for discrimination against men. 47.3% of the beneficiaries of the supplement have two children (193,925), another 19.7% have three (80,923) and finally there are 10.9% of people with four children (44,672).

Source: El Diario

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