Pension increase in 2024. Find out about them now!

Find out now how much your pension will increase in 2024

There is already news for the new year, for pensioners in Spain.

 

In 2024, contributory and non-contributory pensions will increase with the objective that its beneficiaries do not lose purchasing power in a context of high inflation.
The increase in pensions will depend on the type of pension, to especially protect vulnerable groups and people with lower pensions.

In general, the Contributory pensions (for retirement, widowhood, permanent disability, orphanhood or for family members) will increase by 3.8%.
As established in Law 21/2021, of December 28, pensions "will be revalued at the beginning of each year in the percentage equivalent to the average value of the interannual variation rates expressed as a percentage of the Price Index." Consumption of the twelve months prior to December of the previous year.
This evolution of the CPI has been 3.8%, the percentage by which contributory pensions will be increased and this will be reflected in the contributory retirement pensions in 2024 as follows:
The average retirement pension will go from 1,377.73 to 1,430.09 euros (52.35 euros more on average per month).
The average retirement pension of the General Regime will go from 1,533.63 to 1,591.97 euros (58.34 euros more on average per month).
The average retirement pension for self-employed workers will go from 917.59 to 952.43 euros (34.84 euros more on average per month)
The average retirement pension for seafarers will go from 1,527.40 to 1,585.44 euros (58.04 euros more on average per month).
The average retirement pension of coal mining workers will go from 2,687.06 to 2,789.17 euros (102.10 euros more on average per month).
The average retirement pension derived from work accidents will go from 1,453.47 to 1,508.81 euros per month (55.34 euros more on average per month).
The average retirement pension derived from occupational diseases will go from 1,858.87 euros to 1,929.50 euros per month (70.63 euros more on average per month).
The average SOVI retirement pension (Compulsory Old-Age and Disability Insurance) will go from 451.45 to 468.60 euros per month (17.15 euros more on average per month).

This is how the contributory widow's pensions in 2024
The average widow's pension will go from 853.77 to 886.21 euros per month (32.44 euros more on average per month).
The average widow's pension under the General Regime will go from 908.57 to 943.09 euros per month (34.52 euros more on average per month).
The average widow's pension for self-employed workers will go from 615.83 to 639.23 euros per month (23.40 euros more on average per month).
The average widow's pension for seafarers will go from 844.22 to 876.30 euros per month (32.08 euros more on average per month).
The average widow's pension for coal mining workers will go from 1,269.75 to 1,318 euros per month (48.25 euros more on average per month).
The average widow's pension derived from work accidents will go from 1,038 to 1,077.44 euros per month (39.44 euros more on average per month).
The average widow's pension derived from occupational diseases will go from 1,380.87 to 1,433.34 euros per month (52.47 euros more on average per month).
The average SOVI widow's pension (Compulsory Old-Age and Disability Insurance) will go from 472.70 to 490.66 euros per month (17.96 euros more on average per month).
This is how contributory permanent disability pensions will rise in 2024
The average permanent disability pension will go from 1,117 euros to 1,159.44 euros per month (42.44 euros more on average per month).
The average permanent disability pension of the General Regime will go from 1,137.43 to 1,180.65 euros per month (43.22 euros more on average per month).
The average permanent disability pension for self-employed workers will go from 847.20 to 879.39 euros per month (32.19 euros more on average per month).
The average permanent disability pension for seafarers will go from 1,527.40 to 1,585.44 euros per month (58.04 euros more on average per month).
The average permanent disability pension for coal mining workers will go from 1,868.78 to 1,939.79 (71.01 euros more on average per month).
The average permanent disability pension resulting from work accidents will go from 1,286.52 to 1,335.40 euros per month (48.88 euros more on average per month).
The average permanent disability pension resulting from occupational diseases will go from 1,237.67 to 1,284.70 euros per month (47.03 euros more on average per month).
The average permanent disability pension from SOVI (Compulsory Old-Age and Disability Insurance) will go from 468.04 to 485.82 euros per month (17.78 euros more on average per month).

This is how the minimum pensions in 2024
Minimum pensions will rise above inflation, each year they will receive extra increases that will be added to the increase in the CPI.
By applying the increases announced by the government, normally between 5% and 7% and taking into account the increases projected by the report 'Projections of public spending on pensions', it is possible to approximate the values that the minimum pensions will have next year and we will make an approximation according to the information available today.
Approach to minimum retirement pensions in 2024:
With dependent spouse: the minimum pension will be 14,457 euros gross per year.
Without a spouse: the minimum pension for people aged 65 or over will be between 11,511 and 11,730 euros per year and for those under 65 years old it will be between 10,769 and 10,974 euros per year.
With a non-dependent spouse: the minimum pension for people aged 65 or over will be between 10,926 and 11,134 euros per year and for people under 65 years old it will be between 10,179 and 10,372 euros per year.

Approach to the minimum permanent disability pensions in 2024
With dependent spouse: the severe disability is between 21,478 and 21,710 euros per year, the absolute, total and partial disability resulting from a work accident will be between 14,457 and 14,473 euros gross per year and the total resulting from a common illness in minors. 60 years will be between 8,486 and 8,647 euros per year.
Without dependent spouse: the severe disability will be between 17,408 and 17,597 euros per year, the absolute, the total for people aged 65 or over and the partial resulting from a work accident will be 11,511 and 11,730 euros per year, the total for people between 60 and 64 years old will be 10,769 and 10,974 euros annually and the total derived from common illness in those under 60 years old will be 8,486 and 8,647 euros annually.
With a non-dependent spouse: the severe disability will be between 16,524 and 16,703 euros per year, the absolute, the total for people aged 65 or over and the partial resulting from a work accident will be between 10,926 and 11,134 euros per year, the total For people between 60 and 64 years old it will be between 10,179 and 10,372 euros annually and the total derived from common illnesses in those under 60 years old will be between 8,413 and 8,573 euros annually.

Approach to the minimum widow's pensions in 2024
The minimum pension with family responsibilities will be 14,457 euros gross per year, that of those over 65 years of age or with disabilities is between 11,511 and 11,730 euros per year, that of people between 60 and 64 years of age will be between 10,769 and 10,974 euros per year and That for people under 60 years of age will be between 8,721 and 8,887 euros per year.
Approach to non-contributory pensions in 2024
These pensions will also rise above the 3.8% of inflation, given that the Government committed that in 2027 they would be linked to the 75% of the poverty threshold for a single-person household, so each year, and until 2027, their amount will rise above the CPI to align with this value.
This will leave the amount of the non-contributory pension (retirement and disability) at 7,252 euros per year and 518.04 euros per month divided into approximately 14 payments.

 

Fountain: The Economist.

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