The average of the new retirement registrations stands at 1,396.1 euros per month, above the 1,320 euros of the most usual salary in Spain in 14 payments
It has become a regular thing every month. In August, Social Security allocated a new record figure to the payment of contributory pensions. In total, 10,856.9 million euros, which implies a rise of 4.6% in year-on-year terms. A figure in which the new registrations for retirement continue to weigh heavily, whose average amount in the system rose to 1,396.1 euros per month in July.
The data puts on the table again the generational gap between the new retirees and the workers. And it is that the most frequent salary in Spain stood at 18,480 euros in 2020, the last exercise published by the National Institute of Statistics (INE). That is, 1,320 euros per month (slightly below the new retirement benefits) if it is divided into 14 payments.
In total, Social Security paid 9,948,815 contributory pensions, 0.9% more than in the same month of 2021, of which 6.25 million are retirement and 2.35 million widowhood. Three quarters of the payroll has been allocated, specifically, to retirement pensions, with 7,860 million euros. For those of widowhood, 1,832.7 million euros have gone.
On the other hand, permanent disability pensions have reached 985.3 million euros, while those for orphans accounted for 150 million and benefits for family members, another 28.4 million euros.
In total, spending on pensions stands at 11.8% of GDP, below the 12.1% of the 2021 financial year and the 12.4% of 2020. But everything indicates that next year the figure will climb again positions, given the expected slowdown in the pace of economic growth and the higher expense derived from the revaluation of benefits with the CPI.
The minister of the branch, José Luis Escrivá, has guaranteed in his last public interventions that, regardless of where inflation is, pensions will be revalued in accordance with the provisions of the law. Estimates from the Independent Authority for Fiscal Responsibility (Airef) suggest that, with an average inflation forecast of 7.8%, this spending will skyrocket by 10.1% in 2023, which would imply an extra cost of 15,000 million euros. euros for the state.
According to Social Security data, the average pension of the system (which includes all types of benefits) stands at 1,091 euros per month in August. An amount that has increased in the last year by 5.3%. The average retirement pension amounts to 1,256 euros. For its part, the average widow’s pension in force in August is 779.6 euros per month.
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