• The Government closes with the unions a pension reform with a possible expiration date

Workers who retired in February and registered with Social Security as new pensioners receive an average pension of 1,524 euros, one hundred euros more than those who stopped working a year ago and the highest figure in the historical series.

According to the Pension Statistics published on Tuesday by the Ministry directed by José Luis Escrivá, this increase is further reflected in the new retirement pensions charged by those who were salaried – they were registered in the General Regime – and now they have stopped working, since their average pension amounts to 1,623 euros, Also one hundred euros more than in 2022. It is a higher average benefit because it does not take into account those charged by the self-employed or workers of other regimes such as the sea or coal.

The average pension of the General Regime has risen one hundred euros in the last year, compared to an increase of only 23 euros in 2022, a decrease of 28 euros in 2021 -after the impact of the pandemic- and an increase of 62 euros in 2020.

The increase in new retirement pensions is mainly due to the substitution effect, i.e. the salaries received by people who are retiring are now higher than in previous years, resulting in a higher benefit when they are paid their share of pensions.

In total, Social Security pays 6.33 million retirement pensions monthly and the average pension (including those who retired years ago) stands at 1,372 euros, compared to 1,250 euros a year ago, 120 euros more. In this case, the increase is not only due to the impact of the new registrations – which are higher due to the effect of higher salaries – but mainly responds to the revaluation of pensions according to the CPI, which last year led to an increase of 8.5%.

Retirements brought forward

Although the Government approved in 2021, in the first part of the pension reform, measures to encourage a voluntary delay of the retirement age, given the expected increase of 8.5% some workers advanced their retirement, since when they retired a few months earlier they achieved a profit with the increase of 8.5%.

The number of retirement pensioners went from increasing by around 4,800 people per month between January and September, to rise by 10,247 people in October, 14,315 in November, 15,437 in December and 18,642 in January -the last month in which they could benefit from the revaluation-.

In total, Social Security spends 11,945 million euros per month on the payment of pensions -including not only retirement but also widowhood, orphanhood, permanent disability and in favor of relatives-, pays a total of 10.01 million benefits to 9.07 million pensioners and the average pension of the system stands at 1,192 euros.

According to The Trust Project criteria

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  • Social security
  • Jose Luis Escriva
  • Pension