In Spain, 6.2 million people receive a retirement pension. sur
Retirement pensions in Spain are set to go up in January

Retirement pensions in Spain are set to go up in January

The average pension will be around 1,365 euros a month in 2023, because of the 8.5% increase due to inflation

Lucía Palacios


Wednesday, 26 October 2022, 12:50


The average retirement pension in Spain reached the record high of 1,257.90 euros this month, nearly 65 euros a month more than at this time last year, and it is due to rise again in January. The government anticipates an increase of 8.5% due to the inflation rate this year, in which case many pensioners will receive an extra 100 euros a month.

This is likely to put a strain on Social Security finances as the administration will have to pay out over 190 billion euros in pensions in 2023. The sums being paid out this year are already higher than in 2021: for example, the amount paid for contributory retirement pensions this month, October 2022, is 6.2% more than in the same month last year.

Nearly ten million pensioners

Social Security has just paid 7.89 billion euros in pension payments for October. These include 1.8 billion for people who have been widowed, 982 million for permanent incapacity and 149.8 million in orphans’ benefits.

The statistics show that on 1 October this year 9,022,989 people in Spain were eligible for some type of pension. Most – 6.2 million – receive a retirement pension and 1.6 million are widows/widowers.

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