The CPI data for November confirms the government’s estimate of the revaluation, which means that retirees will receive a salary of €1,365 per month, €107 more than today
It’s almost final now. Non-contributory pensions will increase by 8.5% next year. The National Institute of Statistics (INE) published this Tuesday the advanced data of the CPI for November (6.8%), which was missing to calculate the revaluation of pensions for 2023.
So the CPI average for the months of December 2022 to November 2023 – which is the legally established formula to calculate the increase – gives a result of 8.47%, implying that the benefits of nine million people increased by 8.5% will rise, as confirmed to this newspaper by the Ministry of Social Security.
How much is this increase per group of retirees? Retired people will generally charge 93 euros more per month, which amounts to 1,301 euros gross per year extra. With this new increase, the largest in history, the average pension of the system rises to 1,187 euros per month.
The increase will be greater for the nearly 6.3 million pensioners, who will have 107 euros more in their pockets every month, which means almost 1,500 euros more in the whole of 2023. From January, their monthly income will rise to 1,365 euros, a new maximum.
Widows (in the feminine because they form the majority in this group) will have to settle for an average increase of 66 euros (929 euros per year), which will increase their salary to 847 euros.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
