Sunday. 27.11.2022
PENSIONS

The average retirement pension in Spain: 1,257 euros per month

Public spending on pensions in Spain stands at 11.8% of gross domestic product (GDP)
old elderly couple retired retirement beach Photo: Pexels
Photo: Pexels.

As of September 1, the monthly payroll of Social Security contributory benefits amounted to 10,867 million euros. The year-on-year increase stands at 4.5% in comparable terms, according to fresh figures published by the Ministry of Inclusion, Social Security and Migration.

Three quarters of the money spent on contributory pensions in September went to retirement pensions, specifically, 72.4%, that is, 7,871.5 million euros.

1,833.3 million euros have been allocated to survivors' pensions, while the payroll for permanent disability benefits, for its part, amounts to 983.3 million; that of orphans, to 150.5 million euros and benefits in favor of relatives, to 28.5 million.

Of the 9,949,869 contributory pensions paid, 0.8% more than in the same month of the previous year (2021), 6,262,298 are for retirement, 2,349,822 for survivors, 950,209 for permanent disability, 343,041 for orphans and 44,499 for relatives.

The number of pensioners stands above 9 million people, up to 9,015,737 as of September 1. Of them, 4.6 million are men and 4.4 million women.

The ratio of pensions per pensioner is 1.1 benefits per person. The main pension is the retirement pension for 6.1 million people and the widow's pension for 1.6 million. They are followed by the recipients of permanent disability (944,769), orphanhood (325,708) and favor of relatives (43,754).

The average pensions

The system's average pension amounts to 1,092.18 euros per month in September. This amount, which takes into account for its calculation the different types of pension (retirement, permanent disability, widowhood, orphanhood and in favor of relatives), has increased by 5.4% in the last year; in homogeneous terms, 3.7%.

The average retirement pension of the system, for its part, stands at 1,257 euros. By schemes, the average retirement pension from the General Scheme is 1,405.2 euros per month, while the lowest is recorded by the Self-Employed Scheme, at 836.7 euros/month.

In Coal Mining, the average monthly retirement is 2,449 euros and it is 1,395 euros in the Regime of the Sea.

The average amount of new retirement registrations in the system rose to 1,424.7 euros per month in August 2022 (latest data).

For its part, the average survivors' pension in force in September is 780.2 euros per month.

The average retirement pension in Spain: 1,257 euros per month
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