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HomeLatest NewsPension spending exceeds 12,000 million euros in July for the first time

Pension spending exceeds 12,000 million euros in July for the first time

Date: May 29, 2024 Time: 20:20:54

The income that pensioners receive monthly has warned. The Social Security has allocated this July the highest recorded figure of 12,017.8 million euros to the payment of the ordinary monthly payroll of contributory pensions, 10.8% more than what was invested in the same month last year, as reported this Tuesday by the Ministry of Inclusion, Social Security and Migrations.

Contributory pensions have exceeded the barrier of 12,000 million euros, the first time in history that this monthly payroll for pensioners has been recorded. On the other hand, in the department of José Luis Escrivá, it is estimated that pension spending stood at 11.7% of GDP in the last twelve months.

However, spending on pensions these twelve months ago is registered as the same percentage as in 2022, but lower than that of 2020 when it registered 12.4% of GDP, so that it was conditioned by the impact of the pandemic on GDP and also that of 202 pensioners.

The average pension is almost 9.6%

After the rise in pensions with the CPI applied since the beginning of the year, the average retirement pension increased in July by almost 9.6% year-on-year, up to 1,375.1 euros per month.

For its part, the system’s average pension, which includes the different types of pension (retirement, permanent disability, widowhood, orphanhood and in favor of relatives), also increased by 9.6% year-on-year, reaching 1,195.1 euros per month on July 1 of this year.

* 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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