Sunday 1/16/22
PENSIONS

What day is the most common to receive the pension payment in Spain?

The Spanish Social Security regulations establish that payments have to be made through a bank account
A retired tourist couple, sightseeing. Photo: Pixabay.
A retired tourist couple, sightseeing. Photo: Pixabay.

People entitled to receive a Spanish public pension receive the money in their bank accounts at least once a month.

In most cases, the contributory pension payment may be established in 14 payments, which includes the Christmas and Summer extra pays. But in others, others it is set in 12 payments (this is the case for permanent disability, work accident or occupational disease pensions), with the extra payments prorated.

There is also a compensatory pay (la paguilla) that pensioners receive in January to compensate for the loss of purchasing power due to deviation in inflation from what was estimated at the beginning of the year.

The Spanish Social Security regulations establish that payments have to be made through a bank account. And that these can be done from the first business day of the month to the fourth calendar day.

However, banks generally advance payments to avoid pensioners having to wait for their money. Of course, each bank sets its payment schedule, so some pensioners may receive the money in their bank accounts before others. Therefore, the exact day to get the cash depends on the bank.

25th, the most common date

In this way, according to a report by the spanish newspaper ABC, Caixabank usually pays around the 24th of each month, Bankinter between the 22nd and the 25th. Santander, Sabadell, BBVA and Abanca make the payments on the 25th of each month.

The 25th of each month is one of the most common dates to receive the money. But it does not always have to be this way, because sometimes it can coincide with a weekend or a public holiday. In these cases, the payment of benefits is usually advanced.

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