In this way, the minimum and maximum amounts are retained during the revaluation
From 1 January 2023, the increase of 8.5% will be applied to old-age, widower’s, permanent disability, orphan’s and family benefits. This revaluation increases the minimum and maximum amounts that beneficiaries of these benefits can collect, and will translate into €100 more per month for some retirees. In addition, this year the government will maintain the 15% increase in non-contributory old age and disability pensions for people who are economically vulnerable and have not contributed enough.
The increase in unemployment amounts and SEPE unemployment benefits will also take effect. In terms of retirement, the age to access the pension increases to 66 years and 4 months for those who have paid contributions for less than 37 years and 9 months. To apply for the benefit at the age of 65 in 2023, you must have accrued more than 37 years and 9 months. Together with the increase in pensions, the most important changes are in retirement.
Although the Minister of Finance and Public Function, María Jesús Montero, had already put forward an estimated percentage of the increase, it was not until the National Institute of Statistics (INE) published the final CPI data for November 2022 that an exact percentage not be determined. . . Now that it is known that the average inflation of the past year is 8.46%, the government has therefore confirmed the increase in pensions by 8.5%.
The amount of the ordinary old age pension is determined by applying on the regulatory basis the corresponding general percentage based on the years of contribution and the additional percentage for extension of working life, in case of retirement at a higher age than the ordinary age and the corresponding reduction coefficient. If the pension exceeds EUR 3,058.81 per month, it will not be revalued, subject to exceptions. Under no circumstances may the annual amount exceed EUR 42,823.34.
With this increase of 8.5%, the maximum pension will therefore be EUR 42,829.2 per year in 2023 and EUR 3,059.2 per month divided over 14 benefits.
This is how the minimum monthly amounts remain if you are 65 years or older:
With dependent partner: 966.2 euros
Without husband: 783 euros
With a non-dependent spouse: 743 euros
With dependent partner: 905.9 euros
Without husband: 732.6 euros
With non-dependent spouse: 692.5 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.
