Expenditure on pensions is close to 12,000 million, 10.7% more than the previous year
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Social Security allocated in the month of May the record amount of 11,974.3 million euros to the payment of contributory pensions, 10.7% more than in the same month of 2022, after its revaluation by 8.5% for this year, as reported this Friday by the Ministry of Inclusion, Social Security and Migrations.
The Department headed by José Luis Escrivá estimates that pension spending stood at 11.7% of GDP in the last twelve months, the same percentage as in 2022, but lower than in 2020 (12.4% of GDP). year conditioned by the impact of the pandemic on GDP, and also that of 2021 (12.1% of GDP).
In May of this year, 10,019,689 contributory pensions were paid, 1% more than a year ago. Of the total pensions, more than 6.34 million were retirement pensions and 2.34 million were widow’s pensions.
Average retirement pension: 1,375 euros
After the rise in pensions with the CPI applied since the beginning of the year, the average retirement pension increased by 9.6% year-on-year in May, up to 1,375.2 euros per month.
For its part, the average pension of the system, which includes the different types of pension (retirement, permanent disability, widowhood, orphanhood and in favor of relatives), also increased by 9.6% year-on-year, until reaching 1 May of this year. year at 1,195.1 euros per month.
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