There is a letter for you. This could be the title of the letter that more than nine million retirees will receive this Monday. Social Security, led by José Luis Escrivá, has the objective of informing about the 8.5% increase for contributory pensions. About 93 euros per month on average. It should be remembered that in the case of non-contributory pensions, that is, those managed by the Institute for the Elderly and Social Services (Imserso), in collaboration with the autonomous communities, they rise by up to 15%, which will mean an average of 70 euros more per month.
The head minister of the Ministry of Inclusion, Social Security and Migrations, addresses a few words to pensioners in which he informs them of the 8.5% increase approved for this year, based on the first block of the pension reform that was approved in December 2021 the inflation rate in the period between December 2021 and November 2022 of the following year thanks to this compensatory aid.
The content of the Social Security letter to retirees
Escrivá assures in the notification that retirees “will not lose purchasing power.” And it is that the high rate of inflation in 2022 set a price record in decades, which was even more notable during the summer months, marked by the price of the electricity bill and the cost of diesel. In August of last year, it broke the double-digit barrier. Specifically, it reached 10.4%. However, it closed the year below 6%. Specifically, it marked 5.7% in December.
“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,” underlines Minister Escrivá in the letter. In addition, reference is also made to the second pension reform, which is forged within the Government of Spain, with the aim of reaching Brussels before the end of January.
In the letter, the minister points out that his department to “strengthen” and “modernize” the pension system, which should have been approved in December last year. However, he points out that the reform “is almost complete” with “important measures to make our pension system more solid and equitable.” Likewise, another point to take into account is that pensioners will have to wait until the end of February to see the increases reflected in their bank accounts corresponding to January 2023, depending on the financial institution to which the recipient belongs.
How much will pensions rise in 2023
Contributory pensions, that is, those paid by Social Security, and Passive Class pensions, including the amount of the minimum pension, will be revalued by 8.5% by 2023, which is the average inflation of the previous year. The minimum pension for pensioners aged 65 or over is set at On the other hand, the minimum amount for non-contributory pensions will rise to 484.61 euros, that is, some 63.21 euros more per month.