Record Pension Expenditure Reaches Nearly €13.5 Billion as Average Pensions Surpass €1,300
New statistics reveal significant increases in pension payments and average pension amounts in Spain, alongside rising beneficiary numbers.
In March, Spain's Social Security system reported an unprecedented €13.492 billion in pension payments, marking a 6.3% increase compared to the same month last year.
This rise is attributed to a general pension revaluation of 2.8%, with minimum pensions seeing increases between 6% and 9%.
For the first time, the average pension amount has exceeded €1,300, rising by 4.5% from the previous year.
According to the Ministry of Social Security, the number of pension beneficiaries continues to grow at a rate of 1.7%, reaching a historical total of 10,313,634 pensions as of March.
The number of pensioners has surpassed 9.3 million, an increase of 1.6% from the previous year, with a near parity in gender distribution: 4.7 million men and 4.6 million women.
However, significant disparities remain regarding the amount of pensions received by each gender.
In March, three-quarters of the total pension payroll were allocated to retirement pensions, amounting to €9.870 billion, reflecting a 6.3% increase from March 2024. Payments for widow's pensions reached €2.191 billion, a 4.2% year-over-year increase.
Permanent incapacity pensions accounted for €1.217 billion, an increase of 10.9%, while orphan pensions amounted to €177.7 million, a 3.9% rise, and benefits in favor of family members totaled €35.9 million, up by 6.5%.
The average pension in the system, which includes all types of pensions (retirement, permanent incapacity, widowhood, orphanhood, and family benefits), has reached €1,308 per month, reflecting a 4.5% increase from the previous year.
Specifically, the average retirement pension, received by 6.4 million individuals, has reached a record €1,502 per month.
The average retirement pension from the General Scheme is even higher at €1,662, while pensions for self-employed individuals slightly exceed €1,000, standing at €1,007.1. In contrast, coal mining pensions average €2,896.5, and pensions from the Maritime Regime average €1,660.6. The average widow's pension is reported at €933 per month, while newly registered retirement pensions average €1,761.5.
Additionally, the monthly payroll for Class Passive pensions, which cater to state employees, stood at €1.667 billion in February—an increase of 6.1% compared to February 2024. This rise is driven by the addition of new retirements, now at a total of 723,732, increasing by 2.1% year-on-year.
This regime primarily includes military personnel and civil servants from various state administrative bodies.
In the first two months of this year, 69,616 new retirement pensions were recorded, contributing to a 1.7% year-on-year increase in the number of pensioners.
It is noted that delayed retirements now account for 11.3% of new registrations, more than double the 4.8% reported in 2019. This trend is seen as a result of ongoing incentives for postponing retirement since 2022, which have successfully raised the average retirement age to 65 from 64.4 years in 2019.
This rise is attributed to a general pension revaluation of 2.8%, with minimum pensions seeing increases between 6% and 9%.
For the first time, the average pension amount has exceeded €1,300, rising by 4.5% from the previous year.
According to the Ministry of Social Security, the number of pension beneficiaries continues to grow at a rate of 1.7%, reaching a historical total of 10,313,634 pensions as of March.
The number of pensioners has surpassed 9.3 million, an increase of 1.6% from the previous year, with a near parity in gender distribution: 4.7 million men and 4.6 million women.
However, significant disparities remain regarding the amount of pensions received by each gender.
In March, three-quarters of the total pension payroll were allocated to retirement pensions, amounting to €9.870 billion, reflecting a 6.3% increase from March 2024. Payments for widow's pensions reached €2.191 billion, a 4.2% year-over-year increase.
Permanent incapacity pensions accounted for €1.217 billion, an increase of 10.9%, while orphan pensions amounted to €177.7 million, a 3.9% rise, and benefits in favor of family members totaled €35.9 million, up by 6.5%.
The average pension in the system, which includes all types of pensions (retirement, permanent incapacity, widowhood, orphanhood, and family benefits), has reached €1,308 per month, reflecting a 4.5% increase from the previous year.
Specifically, the average retirement pension, received by 6.4 million individuals, has reached a record €1,502 per month.
The average retirement pension from the General Scheme is even higher at €1,662, while pensions for self-employed individuals slightly exceed €1,000, standing at €1,007.1. In contrast, coal mining pensions average €2,896.5, and pensions from the Maritime Regime average €1,660.6. The average widow's pension is reported at €933 per month, while newly registered retirement pensions average €1,761.5.
Additionally, the monthly payroll for Class Passive pensions, which cater to state employees, stood at €1.667 billion in February—an increase of 6.1% compared to February 2024. This rise is driven by the addition of new retirements, now at a total of 723,732, increasing by 2.1% year-on-year.
This regime primarily includes military personnel and civil servants from various state administrative bodies.
In the first two months of this year, 69,616 new retirement pensions were recorded, contributing to a 1.7% year-on-year increase in the number of pensioners.
It is noted that delayed retirements now account for 11.3% of new registrations, more than double the 4.8% reported in 2019. This trend is seen as a result of ongoing incentives for postponing retirement since 2022, which have successfully raised the average retirement age to 65 from 64.4 years in 2019.
Translation:
Translated by AI
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