Sunday, December 10, 2023

The minimum retirement pension will exceed 1,000 euros in 2024

The minimum retirement pension for people over 65 years of age with a dependent spouse will reach 14,453 euros per year in 2024, and 1,032 euros per month in 14 payments, following the planned increase path for these pensions until 2027.

According to the report “Projections of Public Pension Expenditure in Spain” published this week by the Ministry of Inclusion, Social Security and Migration, this type of minimum pension, the most in this category, will increase by 7% in 2024 from the 13,526.8 euros implemented this year – 966 euros per month – to 14,453 euros next year.

The increase is thus higher than the around 4% expected for the rest of the retirement pensions in 2024, directly linked to the evolution of inflation, in order to fulfill the commitment set in the last reform block.

The agreement includes a path of increases until these pensions combine to be 60% of the average income of a two-adult household by 2027 (taking that minimum pension of a dependent spouse as one reference).

According to the projections of the aforementioned report, 5.3% will be added to this increase in 2024 in 2025, up to 15,227 euros per year, 1,087 euros per month in 14 payments, and another 4% in 2026, up to 15,837 euros per year.

The road planned by the Government will end in 2027 with 16,472 euros per year for this modality, 1,176 euros per month, which represents an increase of 22% compared to this year’s amount.

In recent years, the difference between the average retirement pension and the minimum pension, in the case of retirees with a dependent spouse, has widened due, among other reasons, to the increase in the number of new registrations.

In other modalities, such as the widow’s pension for those over 65 years old, the time increase is 17%, up to 12,865 euros per year (918 euros per month), and the orphan’s pension is also 17% up to 3,934 euros per year amount per beneficiary.

In September, the most recent data available, 2.1 million minimum pensions were paid in their various categories, representing 21.4% of the total.

World Nation News Desk
World Nation News Desk
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