The Government will raise pensions by around 8.5%.

This has been announced by the Minister of Finance, María Jesús Montero, and she will do so in the midst of an economic slowdown, with the labor market showing signs of cooling down with the deficit still at very high levels.

That figure is the one contained in the General State Budgets (PGE) that the Council of Ministers has approved today.

And although the Ministry of Social Security always emphasizes that the increase in pensions with the CPI is an agreement of the Toledo Pact, Montero has not avoided showing off that increase as a commitment of the Executive.

"Pensioners will have their standard of living guaranteed by this government," he has promised.

This high increase contrasts with the growth figures that the First Vice President and Minister of Economy, Nadia Calviño, already announced yesterday, and which she confirmed today: the Spanish economy will significantly reduce its growth from the current 4.4% to 2.1% of the next year, and that only delays the return to pre-pandemic GDP levels.

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