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HomeLatest NewsThe revaluation of pensions triggers spending by almost 11% in February

The revaluation of pensions triggers spending by almost 11% in February

Date: March 24, 2023 Time: 03:45:30

Contributory Social Security pensions stood at 11,921.9 million euros this February, 10.84% ​​more than in the same month of 2022. The rise is due to the pension revaluation process that has been carried out carried out in pensions as compensation for inflationary pressure, which reaches an average of 8.5% between December 2021 and November 2022.

According to the data provided this Friday by the Ministry of Security, Inclusion and Migrations, the average pension in February was 1,191.3 euros per month. This amount, which includes the different types of pension (retirement, permanent disability, widowhood, orphanhood and in favor of relatives), has increased by 9.79% in the last year. For its part, the system’s average retirement pension has reached 1,370.79 euros, while the average widow’s pension has remained at 849 euros.

The self-employed are the ones who receive the least pension

By regimes, the average retirement pension from the general has been 1,530 euros per month, while the lowest has been registered by the self-employed regime, of 912.9 euros/month. In coal mining, the average monthly retirement has been 2,670 euros, and 1,520.8 euros in the sea regime.

In the new registrations for retirement, the average amount in January -which corresponds to the latest data- has been 1,639.57 euros per month, so that the new pensions for the first month of this year have been 8.45% higher than the January 2022.

8,675.1 million retirement pensions

Of the total amount paid, 8,675.1 million have been retirement pensions; 1,994.4 million have been allocated to widowhood; benefits for permanent disability have risen to 1,058.5 million; that of orphans, to 162.4 million, and benefits in favor of family members, to 31.2 million.

In number, in February there were 10,007,629 contributory pensions to more than 9 million pensioners (in some cases two pensions are received), of which the vast majority, 6,328,553, are for retirement. The number of pensions has grown at an interannual rate of 0.96%. Thus, spending on contributory pensions has accounted for 11.7% of GDP.

The Social Security also details that 431,956 pensions have received the gender gap supplement, of which 92% have been women (397,721), with an average monthly amount of 66 euros. This gender gap supplement, in force since February 2021, consists of a fixed amount of 28 euros per month per child, which is applied from the first child.

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

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