Thursday 10/28/21
PENSIONS

Average retirement pension in Spain rises to 1,193 euros per month

The lowest pensions are those received by retired self-employed workers
Adult learning by Nancy Ballesteros/Pixabay.
Photo: Nancy Ballesteros/Pixabay.

Spain's total spending on pensions stood at 12% of Gross Domestic Product (GDP) between the last quarter of 2020 and the third of 2021, according to estimates by the Spanish Social Security Institution released on Tuesday.

This amount is less than the 12.4% of 2020 (affected by the impact of the pandemic on GDP) and slightly exceeds the 10.9% of 2019.

The average pension paid by the system was 1,036.69 euros per month. This average amount, which includes the different types of pension (retirement, permanent disability, survivors, orphans and in favor of relatives), increased in the last year by 2.14%, the Social Security says.

Meanwhile, the average retirement pension of the system stood at 1,193.08 euros, 2.26% more than a year earlier.

Specifically, in the retirement pensions for August, the last available recorded date, the average pension amounted to 1,388.02 euros.

The new retirements caused in said month in the general scheme (Régimen General) amounted to 1,502.23 euros per month.

On the other hand, the average survivor's pension was 741.63 euros per month (1.85%).

Self-employed

By schemes, the average retirement pension from the general scheme was 1,338.34 euros per month, while the lowest was recorded by the self-employed scheme (Régimen de Autónomos, RETA), of 794.63 euros per month.

As of September 1, the monthly payroll of Social Security contributory benefits amounted to 10.23 billion euros, 3.25% more than the same month last year.

Of that amount, more than two thirds, 7.37 billion euros, was used to pay retirement pensions. This amount experienced a growth of 3.8% in the last twelve months.

1,74 billion euros were dedicated to survivor's (widowhood) pensions, 2.16% more than in September 2020.

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