Social Security has published the list of contributory pensions for the month of October. The new retirement registrations, those people who have just accessed the system, receive a pension of 1,644 gross euros on average paid in 14 payments. The slightly more than 23,000 euros gross is already equivalent to 85% of the average salary in Spain, which according to the National Institute of Statistics (INE) is close to 27,000 euros gross annually.
Social Security once again set a record in October with a disbursement of 12,895.8 million euros destined to pay the ordinary monthly payroll of contributory pensions, almost 6.8% more than in the same month of 2023, as reported this Friday the Ministry of Inclusion, Social Security and Migration.
Social Security and its public pension system support an increasing number of people as a result of population aging. This month, 10.2 million contributory pensions have been paid, 1.5% more than a year ago, received by 9.3 million pensioners in total. In comparison, There are almost 200,000 more contributory pensions than a year ago.
After the increase in pensions with the CPI applied since the beginning of the year, the average retirement pension increased by 5.2% year-on-year in October, to 1,447.4 euros per month. For its part, the system’s average pension, 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.
The average retirement pension, received by more than two thirds of all pensioners (6.5 million people), stands at 1,447.4 euros per month, after increasing by an average of 5% compared to October 2023. For its part, , Former employees who are in the General Regime, total 7.6 million pensioners with an average pay of 1,373 euros.
Effects of the last reform
The last pension reform put a good part of its efforts into complementing the increase in the legal retirement age with penalties for voluntary early departures and ‘prizes’ for those who delay their departure. Furthermore, in the summer the Government, employers and unions agreed on measures to make salary and pension collection more flexible, which they will implement soon.
The evolution of retirement registrations during 2024 reveals a change of trend thanks to these levers. Until September, 265,685 new pension registrations have been registered, with a significant drop in early exits: they are 28.9% of registrations, 76,793 in total, when five years ago they were around 40%. 71.1% entered at ordinary age (188,828). In this same period, 9.6% of discharges corresponded to the delayed retirement modality compared to 4.8% in 2019.
As a result of the voluntary delay of the time of withdrawal, the average retirement age for Spaniards has stretched to its highest level in history and is already located in 65.2 yearswhen in 2019 it was 64.4. The negative note of the latest reform is that the self-employed are the ones who are delaying their retirement, but not the salaried, where it is barely being accepted.
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