In 2024, the contributory pensions of Social Security and those of the State Passive Classes Regime have experienced a general revaluation of 3.8%, determined by the interannual variation of the CPI for the 12 months prior to December 2023. This increase has resulted in a notable increase in average pensions, benefiting pensioners throughout the country. The average retirement pension has increased by 734 euros per year, that is, an additional 52 euros per month, reaching a total of 1,380 euros per month. In the last two years, this type of pension has grown by approximately 2,230 euros.
Furthermore, the system average pensionwhich includes all types of contributory pensions, has increased by 638 euros per year in 2024, which is equivalent to 46 euros more per month, reaching 1,200 euros per month. To access the pension minimum supplementthe income limits are 8,942 euros per year for those without a dependent spouse, and 10,430 euros per year for those with a dependent spouse. This adjustment seeks to ensure that pensioners maintain a purchasing power in line with the increase in the cost of living.
Pension collection date in September
Social Security pays contributory pensions between the 1st and the 4th of each monthbeing the first business day of the month following the corresponding period and always before the fourth calendar day. However, the exact date of deposit may vary, since some banks advance payment to their clients. In general, pensions are usually paid between the 22nd and 26th of each month, and are distributed in 14 payments: one ordinary monthly payment for each month of the year and two extraordinary payments in June and November, of the same amount as the ordinary monthly payments.
Some banks stand out for advancing the date of pension payment. For example, Bankinter The payment is advanced to the 23rd of each month, while CaixaBank and Banco Santander do so on the 24th. Customers of these banks are usually the first to receive the Social Security payment.
- Monday, September 23: Bankinter
- Tuesday, September 24: CaixaBank, Banco Santander
- Wednesday, September 25: Banco Sabadell, Abanca, ING, Ibercaja, Unicaja, Laboral Kutxa.
- Friday, September 27: BBVA, Abanca and EVO Banco.
Tuesday, October 1: Pibank.
Pension increase in 2025
As of January 1, 2025, contributory pensions in Spain (including retirement, permanent disability and widowhood) They will be adjusted according to the average interannual variation of the Consumer Price Index (CPI) between December 2023 and November 2024. The CPI measures the evolution of the prices of goods and services, reflecting the increase in the cost of living. The revaluation of pensions, effective from 2022, is calculated annually based on this index. In 2023, pensions increased by 8.5%, while in 2024 the increase was 3.8%.
By 2025, it is estimated that contributory pensions could rise around 3.06%, according to current CPI projections. This figure will be confirmed when the National Institute of Statistics (INE) publish the final CPI data on December 13, 2024. Meanwhile, the advance data for November, which will be known on November 28, will allow an approximate estimate to be made.
In addition to this general adjustment, the maximum retirement pension will be revalued according to the CPI plus 0.115 additional percentage pointsa measure that will be maintained until 2050. Minimum retirement and widow’s pensions, as well as non-contributory pensions, will also experience increases higher than the CPI, with the aim of bringing them in line with the poverty threshold in the coming years.
In particular, the Minimum retirement pensions for people over 65 with a dependent spouse will increase by an additional percentage to reduce the gap with the poverty line. Likewise, the gender gap complement will see an increase of 10% in 2025.
Changes in retirement age
Retirement marks the end of a worker’s professional career and is based on the contributory retirement benefit for those who have contributed to Social Security for at least 15 years, including the two years prior to the application. To access the pension in 2024, you must be 65 years old and have contributed for 38 years, or 66 and a half years with less contributions.
These requirements will gradually increase depending on the Law 11/2011: by 2025, it will be necessary to be 66 years and eight months or 65 years with 38 years and three months of contributions. In 2027, the minimum age will rise to 67 years, except for those who have contributed for 38 years and six months, who will be able to retire at 65 years of age.
The early retirement allows you to begin receiving the pension up to two years before reaching the legal age, although this implies reductions in the amount that range between 2.81% and 21%, depending on how many months before the worker retires. To qualify for early retirement at age 63, it is necessary to have contributed for at least 36 and a half years, including at least two years within the last 15 years, and have no outstanding debts with Social Security.
