The increase will take effect on January 1 of this year.
The increase in pensions is one of the big news stories of 2023. The average figure is the highest, with an 8.5% increase in non-contributory pensions, meaning retirees will receive more than 100 euros extra per month. Many pensioners benefit from this, thanks to the measure of the government that has increased the budget item, after revaluing benefits with the average inflation recorded during the previous 12 months. In this way, retirees can face spending in a lighter way and cope with the increasing price increases that have been dragging Spain down for months.
The rate of 8.5 is applied to contributory pensions, but there is another modality where the benefit is also increased. The non-contributory benefits are intended for citizens who do not have sufficient means to support themselves according to the conditions set by law, even if they never contributed or contributed long enough to reach contributions at the contributory level. Within this modality there are disability and retirement pensions.
In these non-contributory cases, the two types of pensions, as well as the recipients of the Minimum Vital Income, will experience an extraordinary increase of 15% in 2023. These new amounts came into effect on January 1 of this year and will therefore start to be collected with the first payment of the year. The minimum pension in this modality thus amounts to EUR 484.61, which is EUR 63 more per month than what was received in 2022.
The broken down figures show that the full pension, previously of 457.22 euros per month, now goes to 525.80 euros. In the case of the minimum pension, it rises to 131.44 euros, ie before 114:30. While the full pension plus the 50% increase is now EUR 788.70, well above the previous EUR 685.83. In addition, if two or more recipients of a non-contributory pension live in the same family member, the individual amount for each of them will be 446.92 in the case of two cohabitants and 420.63 in the case of three cohabitants.
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.
