Pension expenditure rises above 6% and is approaching 11,000 million

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The elderly will also receive extra wages this month, bringing the total social security costs above 21,500 euros for the first time

Pension spending soared above 6% in November on the eve of an 8.5% revaluation that would mean an additional expenditure of nearly 15,000 million next year. Social Security allocated the record amount of 10,913 million euros in the month of November to the payment of contributory pensions, 6.1% more than in the same month of 2021, according to data published Friday by the Ministry of Inclusion, Social Security and Migration . which points out that, in homogeneous terms, the increase in expenditure has been reduced to 4.5% year-on-year.

Along with this month’s payroll, Social Security also pays retirees the extraordinary pay for November in the amount of $10,649 million, bringing the total outlay to $21,562 million for the first time in history.

However, from the department led by José Luis Escrivá, they point out that pension expenditures in the eleventh month of the year amounted to 11.7% of GDP, a lower rate than in 2020 (12.4% of GDP), a year conditioned due to the impact of the pandemic on GDP, and also lower than that of 2021 (12.1% of GDP).

Of the EUR 10,913 million spent on the payment of contributory pensions in November, almost three-quarters (72.5%) went to the payment of old-age pensions, which amounts to EUR 7,914.2 million, 6.7% more than in November last year. The average amount of pensioners in November was 1,258.8 euros per month, 5.3% more than in the same month last year.

EUR 1,839.2 million was spent on widowers’ pensions, 5.1% more than a year ago, while EUR 981.5 million (+3.8%) was spent on permanent disability benefits.

For its part, the payment of the orphan’s allowance amounted to 149.6 million euros (+4.8%) and that of benefits for family members amounted to 28.6 million euros (+7.1%).

Source: La Verdad

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