He Minimum Vital Income (IMV) is an aid established in 2020 that seeks to eradicate poverty and prevent social exclusion. This financial benefit is aimed at both people who live alone and those who are part of coexistence units with limited resources to satisfy their basic needs. Its purpose is to promote the social and labor inclusion of the beneficiaries, encouraging their active participation in the community.
Since its creation, the IMV has played an essential role in the Spain’s social protection systembenefiting thousands of people in extreme poverty. In 2024, the IMV Guaranteed Basic Incomeestablishing an annual amount of 7,250.60 euros, which translates into 604.21 euros per month, distributed in 12 payments per year. Furthermore, it is estimated that the IMV will experience an increase of 14.1% in 2025, representing an increase of 350 euros per year.
Date of collection of the Minimum Vital Income
At the end of August, the IMV reached 649,443 homesbenefiting nearly two million people with an average amount of 479.2 euros per month, which represents a total of 346.8 million euros in aid.
The IMV corresponding to September will be paid between October 1 and 4which are the first business days of the following month. This process is regulated by article 24.2 of Royal Decree 696/2018, which establishes that the General Treasury of Social Security must make these payments within this time frame.
Therefore, beneficiaries will be able to access the IMV for September no later than October 5, 2024regardless of the banking entity they have. It should be noted that some banks, such as Caixabank, BBVA, and Banco Santander, have the option of advancing the payment of the IMV to their clients. These banks use a “Single Account of the General Treasury”, which allows them to know in advance the beneficiaries and the corresponding amounts.
For those who are going to collect the IMV for the first timethe payment date will depend on the date of approval of the benefit. If it was granted between September 10 and 12, the first payment will be in October; If it was later, we will have to wait until November, although Social Security guarantees retroactive payment of the monthly payments owed.
Requirements
To access the IMV, applicants must meet certain requirements both when submitting the application and during its review. First of all, it is essential to have legal and effective residence in Spain for at least a year before applying for the IMV, although there are exceptions for minors and victims of violence or trafficking. In addition, the economic situation of the applicants is evaluated, considering the income of all members of the cohabitation unit.
Likewise, a person is not considered to be in a vulnerable situation if they have a net worth, excluding their habitual residence, that exceeds 20,353.62 euros. Cohabitation units have asset limits adjusted according to their configuration, which means that the greater the number of members, the greater the allowed limit. If you have non-corporate assets that exceed certain specific values, access to the IMV will be denied, regardless of your financial situation.
It is important to keep in mind that the perception of the IMV is incompatible with other aid, such as financial allowance for dependent childdepending on the amount of both benefits.
Amount in 2024
The amount of the IMV for each beneficiary or cohabitation unit is calculated as the difference between the guaranteed income and the applicant’s total incomeas long as this difference is at least 10 euros per month. In 2024, the guaranteed income for an individual beneficiary is 604.21 euros, and this figure increases by 22% if the applicant has a disability equal to or greater than 65%.
For the coexistence unitsthe amount varies depending on their composition. For example, a unit made up of one adult and one minor or two adults has a guaranteed income of 785.48 euros, while a unit with two adults and two minors can receive up to 1,148.01 euros. Additionally, in cases of single-parent families, a 22% supplement is added, resulting in amounts of up to 1,462.20 euros for an adult with four or more minors.
Likewise, they are granted aid for childhoodwhich vary according to the age of the minor: 115 euros for children under three years old, 80.50 euros for those between three and six years old, and 57.50 euros for those between six and eighteen years old.
The right to the IMV benefit begins on the first day of the month following the request and is maintained as long as the legal requirements are met. It can be suspended due to temporary loss of requirements, non-compliance, or unjustified transfers abroad. If the suspension lasts more than one year, the right expires. The termination of the IMV may occur due to the death of the holder, permanent loss of requirements, resignation or departure from the country without prior communication. The effects apply from the first day of the following month.
