Wednesday, December 6, 2023

How much the increase in pensions will be in 2024

The enhancement of pensions is done automatically every January based on interannual CPI data

Two old people with a child at the entrance of a school in Valencia. Kai ForsterlingWORLD
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The next one January 2024 at least 11.8 million pensioners and those receiving benefits will see their monthly payments improve.

Escalation is automatically included in the federal state budget within two years after the approval of the federal Social Security Law even when the Government is in office.

In article 58 It is included that at the beginning of each year an increase similar to the figure for the year is applied to pensions. Interannual Consumer Price Index (CPI).

In January 2023, the pension update will have an increase of 8.5% of the monthly payment. What else is meant by 1,500 euros a year for the average pension? In addition, in the case of non-contributory pension and the minimum vital income (IMV), the government agreed to a guaranteed increase of 15%.

In this regard, the minimum pension for pensioners aged 65 and over costs 10,963.40 euros per year and 3,526.80 euros in the case of retirees with a dependent spouse. Minors under that age will receive a minimum of 10,256.40 euros and 12,682 if they have a dependent spouse.


According to the estimate of Social Security revaluation of pension for 2024 is about 4%, taking into account the interannual estimate of the CPI. However, we will have to wait until Thursday, December 14 to confirm the final data.

This increase will be automatically applied from the next January 1, 2024 on most pensions except in cases of paying more than one THINK. This system is not available for climbing SMI.

she complement of fatherhood or complement for reducing the gender gap This is an addition to the contributory pension since February 2021 with the aim of fixing the injury suffered by a parent in his professional career by assuming primary care of the children.

This is a bonus designed for women, who traditionally see their work life more affected, but any of the parents can request it as long as they follow a series of requirements.

It complements replaced maternity and can be used by both pension plans such as pension widowhood or permanent disability.

the complement value It is established by the corresponding law of the general budget of the State each year. In 2023, the amount 3of 0.40 euros per month for each son or daughter has a limit of four times the said amount.

World Nation News Desk
World Nation News Desk
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