Pension spending reaches a record of 23.9 billion due to the extra Christmas pay

Social Security has paid the pension payroll corresponding to November as well as the extraordinary Christmas payment. Pension spending soars up to more than 23.9 billion euros by adding both pay, which represents a growth of 11% compared to last year, adding the bill to 2.4 billion more. The monthly contributory payroll amounts to 12.1 billion, 11.5% of GDP and 1.2 billion more than a year ago. Month after month, pension spending reaches a new record.

Three quarters of the ordinary contributory pension payroll for November has gone to cover the retirement pensions, about 8,838 million. 2,010 million euros have been allocated to widow’s pensions, while the payroll for permanent disability benefits amounts to 1,055 million, orphanhood benefits, 163 million euros, and benefits for family members, 32 million.

Furthermore, retirees will know tomorrow the advance inflation data that will serve as a reference to revalue public benefits. The consensus of the economic study services collected by Funcas points to an average variation in inflation of 3.8% between November of this year and December 2022, the period used to index benefits. So, Contributory pensions will increase by around 3.8%, and minimum benefits will increase with an additional bonus.

Until the current month, Social Security is responsible for 10.1 million contributory pensions paid to 9.14 million pensioners, since there are situations in which a person can have more than one pension. Of the contributory payments paid, 6.4 million are for retirement, 2.35 for widowhood, 945,000 for permanent disability, 340,000 for orphanhood and another 45,000 in favor of family members. The number of pensions is growing at an interannual rate of 1.3%.

The system’s average pension amounts to 1,197.9 euros per month, which represents an increase of 9.4% year-on-year due to the revaluation of 2023 benefits (8.5%) and the effect of new registrations. The average amount of new retirement registrations in the system rose in October to 1,409.6 euros per month.

The average retirement pension, for its part, is 1,377.7 euros. By regimes, The average retirement pension from the General Regime (employees) is 1,533.7 euros per month, while the lowest is recorded by self-employed workers, with 917.6 euros. In Coal Mining, the average monthly retirement is 2,687.1 euros, and it is 1,527.4 euros in the Sea Regime.

For its part, the monthly pension payroll of Passive Classes It amounted to 1,514.8 million euros in the month of October, the latest data available. This figure represents an increase of 166.4 million euros compared to the previous year, 12.3% more. The number of pensions in force was 705,057, 14,267 pensions more than in the same month of the previous year (2.1% annual variation).

In November, 619,832 pensions received the gender gap supplement, of which 90.7% are women (562,184). The average monthly amount of this pension supplement is 65.4 euros. Of the 619,832 supplemented pensions, 23.2% correspond to pensioners with a child (143,713), who previously did not have access to the maternity supplement. 47.1% of the beneficiaries have two children (291,869); 19.3%, with three (119,582), and with four children, 10.4% (64,668).