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What pension corresponds to me if I only contributed 15 years to Social Security

Date: March 23, 2023 Time: 01:42:59

Retired people obtained 2023 with good news: the revaluation of 8.5% of contributory pensions. In order to receive this Social Security benefit in its entirety, it is necessary to be at least 66 years and four months if you have contributed less than 37 years and nine months, or 65 years, if the contribution period is longer. However, there are cases in which it is possible to access the pension at a lower age, as is the case with those who have only worked for 15 years.

With an inflation rate that reached 5.8% in January, the increase in pension amounts was intended to strengthen the purchasing power of retirees. But the truth is that those who receive the minimum pension, with a dependent spouse, receive 966.20 euros per month and, without a dependent spouse, 743.30 euros, so these amounts are below the new Minimum Interprofessional Salary of 1,080 gross euros per month, divided into 14 annual payments, which was succeeded by the Government of Spain a few days ago, at the proposal of the Ministry of Labor and Social Economy, led by Yolanda Díaz.

Another issue to which those who are thinking of ending their working career must pay special attention is that the age and years of contribution required will gradually increase until 2027. From then on, 67 years will be requested, or 65 if 38 years and six months of contributions are accredited, as explained by the Social Security.

How much will I receive as a pension for 15 years of contributions?

Social Security establishes that the minimum contribution period to be a beneficiary of a contributory pension is 15 years, as long as two years of that total have been contributed at the time prior to requesting the benefit. But the conditions and amounts vary between 50 and 100% as the years worked increase:

Those who have reached the legal retirement age -66 years and four months-, having contributed for 15 years, can obtain 50% of the regulatory base. The percentage that is applied to the regulatory base to calculate the amount that corresponds to the pension changes based on quoted time. The scale begins with 50% at 15 years of contribution and, from the following year, increases by 0.21% for each additional month -applies between months 1 and 106-, and 0.19% for 146 remaining months until reaching 36 years.

How is the benefit amount calculated?

To calculate the amount of the pension, the corresponding general percentage must be applied to the regulatory base, according to the years of contribution. In addition, it will be necessary to include the additional percentage for prolongation of working life when accessing retirement at a higher age than the current ordinary one.

It is important to know that the regulatory base is taking into account the last 25 years of contributions prior to the date of the triggering event, that is, the cessation of the activity: the sum of the contributions of those 300 months is divided by 350.

In turn, if you are below the minimum pension established in 2023, you can complete it with a minimum supplement. Although in order to apply for the welfare benefit, a series of general requirements must be met.

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

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