He collection of a pension It is one of the pillars of the welfare state in Spain. According to sources from the Ministry of Employment and Social Security, in November 2023 they have registered more than 10 million pensions.
Of these, there are two varieties: contributory and non-contributory. The first depend on the time contributed to Social Security, and they can be for retirementdue to permanent disability, or due to death as orphanhood or widowhood. The second are economic benefits without a minimum of years worked, since the situation of vulnerability prevails or disability of the person.
As reported by the National Institute of Statistics (INE) two weeks ago, Inflation fell to 3.2% in November. The Minister of Inclusion, Social Security and Migration, Elma Saiz, He already announced that we would have to wait until this Thursday, December 14, to know the final CPI.
Now, the INE has reported that the annual variation rate of the CPI for the month of November stands at 3.2%, so Contributory pensions will rise by 3.8% in 2024.
This percentage is the rounded average of the 12 inflation rates which have been chained from December 2022 to November 2023, with a result of 3.76%.
With these data, the pension increase is below the Government’s initial forecast, which was above 4% and it is less than half of the 8.5% increase that was recorded since January 2023, after rates of inflation which reached 10.8% last year.
The 3.8% increase in the 10.1 million contributory pensions, It would amount to about 6.4 billion euros in 2024. With the increase, the average retirement pension will increase by around 52 euros per month, which this month of November has stood at 1,377 euros; that of widowhood will increase by 32 euros to 886 euros; that of orphanhood will rise from 479 euros to 397; that of permanent disability will rise by 42 euros to 1,159 euros, and that of en favor of a family member It will go from 705 euros to 732 euros on average.