Social Security has set a record figure so far in January, allocating up to 11,902 million euros to contributory pensions, 10.7% more than in the same month of 2022, according to the Ministry of Inclusion, Security Social and Migrations.
Spending has grown by almost 1,000 million euros compared to last December’s payroll and exceeds 11,000 million euros for the first time in history. It must be taken into account that the increase is mainly due to the 8.5% revaluation that had to be carried out in 2023 in order to cope with the inflationary pressure that has caused the loss of purchasing power of all Spaniards, pensioners or not.
The Department headed by José Luis Escrivá estimates that pension spending stood at 11.7% of GDP in the last twelve months, a lower percentage than in 2020 (12.4% of GDP), a year conditioned by the impact of the pandemic on GDP, and also lower than that of 2021 (12.1% of GDP).
In January of this year, some 10,009,149 contributory pensions were paid, which represents 0.9% more than a year ago. Of the total pensions, more than 6.32 million were retirement pensions and 2.35 million were widow’s pensions.
THE AVERAGE RETIREMENT PENSION INCREASES BY 9.8%
After the rise in pensions with the CPI applied since this month of January, the average retirement pension has reached 9.8%, up to 1,368.3 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 9.8% year-on-year, to stand on January 1 of this year. year at 1,189.1 euros per month.