To calculate the regulatory basis for those who retire In 2024, the last 25 years of contributions are considered. The sum of the quotes for these months is divided by 350, taking into account that the last 24 bases are computed at their nominal value and the previous ones are updated according to the Consumer Price Index (CPI). Starting in 2027, the option will be offered to choose between two calculation methods: the current 25 years or the last 29 years, eliminating the two lowest contribution years, with a gradual rollout until 2038.
As for the listing gapsIf a worker has periods without contributions, the first 48 monthly payments are made up of 100% of the minimum base. For the remaining months, 50% is considered. However, employed workers enjoy an improvement, receiving the 100% of the minimum base until the fifth year and 80% between the sixth and seventh. In addition, self-employed workers who retire from 2023 will be able to integrate up to six months of gaps with the minimum base.
Retirement pension according to the years contributed in 2024
The retirement pension amount is determined from the regulatory base, which is multiplied by a percentage related to the years of contributions accumulated throughout the work career. All contribution regimes are considered, which means that it is possible to receive two retirement pensions simultaneously if you have worked in different regimes. However, the amount received monthly depends on a percentage corresponding to the total years worked.
The regulatory base represents 100% of the right to the pension and It is calculated by dividing the last 300 contribution bases by 350. For this calculation, it is important to consider the “contribution gaps”, which are periods in which no contributions have been made and which can be covered with “fictitious contributions”.
Generally, during the first 48 months without contributions, the 100% of the current minimum baseand from month 49, it is reduced to 50%. From 2024, women will be able to benefit from an extension of this benefit, maintaining 100% of the minimum base until month 60, and a decreasing percentage until month 85. However, this benefit does not apply to self-employed workers or employees. of the home.
Regarding the percentages applicable to the regulatory baseworkers who have contributed for at least 15 years will receive 50% of this base. From there, each additional month in the following 49 months will increase the percentage by 0.21%, while for subsequent months until a total of 209 months is reached, the increase will be 0.19%.
To obtain 100% of the regulatory base, it is necessary have contributed for at least 36 years and six months. These coefficients will be valid until 2026, when they will be updated in accordance with law 207/2011, which regulates the retirement age and update coefficients.
Thus, the pension percentages Depending on the years of contributions, they are as follows: those who have contributed for 15 years obtain 50%, while those with 36 years and six months or more are entitled to 100%.
Furthermore, if the calculated pension is less than the current minimum pensionyou can request a minimum supplement to reach the minimum amount established each year.
- 15 years: Regulatory Base: 50.00% – Pension with Minimum Wage: €567
- 16 years: Regulatory Base: 52.52% – Pension with Minimum Wage: €595.58
- 17 years: Regulatory Base: 55.04% – Pension with Minimum Wage: €624.15
- 18 years: Regulatory Base: 57.56% – Pension with Minimum Wage: €652.73
- 19 years: Regulatory Base: 60.08% – Pension with Minimum Wage: €681.31
- 20 years: Regulatory Base: 62.38% – Pension with Minimum Wage: €707.39
- 21 years: Regulatory Base: 64.66% – Pension with Minimum Wage: €733.24
- 22 years: Regulatory Base: 66.94% – Pension with Minimum Wage: €759.10
- 23 years: Regulatory Base: 69.22% – Pension with Minimum Wage: €784.95
- 24 years: Regulatory Base: 71.50% – Pension with Minimum Wage: €810.81
- 25 years: Regulatory Base: 73.78% – Pension with Minimum Wage: €836.67
- 26 years: Regulatory Base: 76.06% – Pension with Minimum Wage: €862.52
- 27 years: Regulatory Base: 78.34% – Pension with Minimum Wage: €888.38
- 28 years: Regulatory Base: 80.62% – Pension with Minimum Wage: €914.23
- 29 years: Regulatory Base: 82.90% – Pension with Minimum Wage: €940.09
- 30 years: Regulatory Base: 85.18% – Pension with Minimum Wage: €965.94
- 31 years: Regulatory Base: 87.46% – Pension with Minimum Wage: €991.80
- 32 years: Regulatory Base: 89.74% – Pension with Minimum Wage: €1,017.65
- 33 years: Regulatory Base: 92.02% – Pension with Minimum Wage: €1,043.51
- 34 years: Regulatory Base: 94.30% – Pension with Minimum Wage: €1,069.36
- 35 years: Regulatory Base: 96.58% – Pension with Minimum Wage: €1,095.22
- 36 years and six months or more: Regulatory Base: 100.00% – Pension with Minimum Wage: €1,134
New retirement age
Spain is going through a transition period in which the retirement age will gradually increase to 67 years in 2027. Since 2013, this age has been rising annually from 65 years. As of January 1, 2025, those who have not contributed for at least 38 years and 3 months must wait until age 66 years and 8 months to retire, which represents a change from 66 years and 6 months in 2024.
For those who have contributed the required 38 years and 3 monthsretirement will continue to be at 65 years of age. However, the contribution time required increases each year. In this way, in 2025 a higher contribution will be required, which will extend until 2027.
