Pension spending reaches a record figure of 12,896 million in October, 6.8% more

The average retirement pension rises 5%, to 1,447.4 euros per month

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In this month of October, Social Security allocated the record figure of 12,895.8 million euros to the payment of the ordinary monthly payroll of contributory pensions, almost 6.8% more than in the same month of 2023, as reported by this Friday the Ministry of Inclusion, Social Security and Migration.

The ordinary monthly pension payroll exceeded 12,000 million euros for the first time in July 2023 and this month it once again sets a new record after the increase in contributory pensions by 3.8% for 2024.

Of the almost 12,896 million euros that were dedicated in October to the ordinary payroll of contributory pensions, three quarters (73.1%) were allocated to the payment of retirement pensions, which totaled an amount of 9,431.9 million of euros, 7% more than in October of last year.

2,113.1 million euros were allocated to widow’s pensions, 5.2% more than a year ago, while 1,145.3 million euros were allocated to permanent disability benefits (+8.4%).

For its part, the payment of orphan benefits amounted to 171 million euros (+4.7%), and that of benefits for family members totaled 34.39 million euros (+7.7%). .

RETIREMENT, THE MAIN PENSION FOR 6.4 MILLION PEOPLE

In October of this year, 10,238,434 contributory pensions were paid, 1.5% more than a year ago, to 9.3 million pensioners.

Of the total pensions, 6.5 million were retirement pensions; 2.35 million were widow’s pensions; 983,310 were permanently disabled; 340,010 were orphan’s pensions, and 46,228, in favor of family members.

Of the total pensioners (9.26 million as of October 1 of this year), 4.7 million are men and 4.6 million are women. The number of pensions per pensioner is 1.1.

The main pension received is retirement for 6.4 million people, of which 60% are men; widowhood benefit is the main benefit for 1.5 million people (95.8% are women); permanent disability is the main pension for 978,874 pensioners; that of orphans for 321,941 people, and that of favor of relatives for 45,658 pensioners.

THE AVERAGE RETIREMENT PENSION, OF 1,447.4 EUROS PER MONTH

After the increase in pensions with the CPI applied since the beginning of the year, the average retirement pension increased by 5% year-on-year in October, to 1,447.4 euros per month.

In the General Regime, the average retirement pension amounted to 1,605.5 euros per month, compared to 965.8 euros per month in the Self-Employed Regime. In Coal Mining, the average retirement pension is 2,808.9 euros per month and in Sea Mining, 1,602.7 euros.

The average amount of new retirement registrations in the system amounted to 1,644.2 euros per month in the month of September 2024 (latest data available).

THE AVERAGE RETIREMENT AGE RAISES TO 65.2 YEARS

Of the new retirement registrations produced in the first eight months of the year (265,685), 71.1% were of the ordinary age (188,828), while 9.6% correspond to the delayed retirement modality, compared to the 4.8% that they represented in 2019.

On the other hand, according to the Ministry, the number of early retirements has been reduced “considerably”, since 28.9% of the new registrations (76,793) were early retirements, when in 2019 they were 40%.

As a result of the voluntary delay in the moment of retirement, the average age of access to the retirement benefit is 65.2 years, when in 2019 it was 64.4 years. The Ministry has recalled that since then new incentives for delaying retirement have come into force and the early retirement framework has also been reconfigured.

For its part, the average pension of the system, which includes the different types of pension (retirement, permanent disability, widowhood, orphanhood and for family members), increased by 5.2% year-on-year, reaching October 1 of this year. at 1,259.6 euros per month.

Likewise, the average widow’s pension reached 898.34 euros per month in October, almost 5.3% more than in the same month last year.

The Ministry has also reported that in September (latest data available) the average time for resolution of the files has been 11.10 days in the case of retirement pensions and 9.56 days in the case of widowhood.

In this sense, the Department headed by Elma Saiz has recalled that, by law, the maximum resolution period is 90 days for both retirement and widow’s pensions.

PASSIVE CLASSES

On the other hand, the number of pensions belonging to passive classes in force at the end of September of this year (latest data available) was 713,471, a figure 2.1% higher than that of the same month of 2023. The monthly payroll of these pensions amounted to 1,605.2 million euros, 7.4% more.

The State Passive Classes Regime fundamentally includes military personnel and officials of the General Administration of the State, the Administration of Justice, the General Courts and other constitutional or state bodies, as well as officials transferred to the autonomous communities.

ALMOST 864,000 PENSIONS RECEIVE SUPPLEMENT DUE TO THE GENDER GAP

As indicated by the Ministry, 863,963 pensions received the gender gap supplement in October, the objective of which is to gradually correct the difference that occurs between the average pension received by a man and that received by a woman.

The average monthly amount of this pension supplement, received by 89.2% of women, is 70.3 euros. Of the 863,963 supplemented pensions, 24.5% correspond to pensioners with a child (211,816); 47% with two children (406,448); 18.6%, with three (160,743), and 9.8% (84,956), with four children.

This supplement, in force since February 2021, consists of a fixed amount that, after revaluation for 2024, amounts to 33.2 euros per month per child. It is requested at the same time as the pension is requested.