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January pensions will be charged with the increase: these will be the new amounts

Date: December 3, 2023 Time: 07:51:28

Good news for pensioners. The pensions corresponding to the month of January, which will be collected at the beginning of February, come with an important novelty. The minimum and maximum amounts go up. On the one hand, it increases by 8.5% for contributory pensions, that is, those paid by Social Security. On the other hand, non-contributory pensions have an increase of up to 15%. Likewise, the Minimum Vital Income also does so. This is how the new General State Budgets reflect it.

However, there are many beneficiaries who will receive these economic benefits between January 25 and 28, that is, throughout the coming week. This month, the first day of collection coincides with Wednesday, so banks are not expected to change the usual payment date. Precisely in this sense, there are some banks that usually advance the collection of pensions to the 23rd. This is the case, for example, of CaixaBank, Santander and Bankinter. In the case of Sabadell, BBVA, ING, Abanca, Liberbank, Cajamar and Unicaja, they do it on the same day 25.

It should be remembered that what the Ministry of Inclusion, Migrations and Social Security, led by Minister José Luis Escrivá, seeks to achieve with this historical revaluation, is that pensioners will not lose purchasing power. Precisely in this sense, it should be remembered that the 2022 inflation rate in Spain exceeded the double-digit barrier for the first time in the last thirty years. Specifically, it was last August when it reached 10.4%, which was directly reflected in the price of electricity or when buying basic foods. So much so, that the Executive of Pedro Sánchez had to launch a second anti-crisis plan to alleviate the serious economic effects. However, it closed the month of December below 6%. 5.7% to be more exact.

Revaluation of pensions from January

Despite the imminent revaluation of pensions, which will take effect in the coming weeks, as confirmed by this means of communication with the Social Security press office, it does not seem that this measure is enough, since the reality is that the increase in pensions according to the CPI does not equal the inflation accumulated in two years, due to the fact that the lowest pensions do not reach today the Minimum Interprofessional Salary, which today is 1,000 euros gross per month .

All in all, and despite the fact that the new law updates pensions with the CPI from this same month of January, the increase for 2023 fails to compensate for the accumulated inflation of the last two years, located at 11.6%. This is the case of the minimum contributory pension with a dependent spouse, which will become 966.19 euros per month, which means an increase of around 76 euros and which, however, does not reach the SMI. On the other hand, those who seem to have the luckiest will be the retirees whose pensions are the maximum annual.

In the case of the full non-contributory minimum pension, it goes up to 525.80 euros, so an additional 63.21 euros will be added each month. In any case, the basic amounts will be set as follows:

Full: it will go from 457.22 euros to 525.80. Minimum of 25%: from 114.30 euros to 131.44. Full plus the 50% increase: from 685.83 euros to 788.70.

In addition, the Public Administration recalls that if two or more recipients of this non-contributory modality live within the same family unit, the individual amount for each of them will be the following as of next year:

If there are two cohabitants: from 388.63 euros to 446.92. If there are three cohabitants: from 365.77 euros to 420.63.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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