[Spain] Spending on contributory pensions rose 6% in October

In Spain, data released by the Ministry of Inclusion, Social Security and Migration shows that contributory pensions (retirement, widowhood, permanent disability, orphanhood and family benefits) rose by 6 per cent in October to €13.6758 billion, The Corner reports.

In the eighth month of the year, Social Security paid a total of 10,397,372 pensions to 9,405,352 people.

Nearly three-quarters of these were reportedly retirement pensions, representing more than 73 per cent of the total (€9,999.2 million, up 6.01 per cent). €2,199.5 million (up 4.09 per cent) was allocated to widows’ pensions.

The average pension in the system is €1,315.3 per month, representing an increase of 4.4 per cent over the same month last year. The average retirement pension, received by nearly 6.6 million people, is now €1,510.1 per month, 4.3 per cent higher than last year. Meanwhile, the average widow’s pension is €936.70 per month.

For new retirement registrations, the average amount in the system is €1,675.60, the latest data available for September showed. In the General Scheme, the average pension for new retirees is €1,780.80 per month.

At the end of September, according to the latest data available, there were 274,843 new retirees. Deferred retirements now account for 11.2 per cent of the total number of new retirees. 

The Ministry reportedly found that, overall, 73.1 per cent of registrations occur at the normal retirement age or later. “Thanks in large part to incentives to bring the age of access closer to the legal retirement age,” it said.

Source: The Corner

(Quote via original reporting)

In Spain, data released by the Ministry of Inclusion, Social Security and Migration shows that contributory pensions (retirement, widowhood, permanent disability, orphanhood and family benefits) rose by 6 per cent in October to €13.6758 billion, The Corner reports.

In the eighth month of the year, Social Security paid a total of 10,397,372 pensions to 9,405,352 people.

Nearly three-quarters of these were reportedly retirement pensions, representing more than 73 per cent of the total (€9,999.2 million, up 6.01 per cent). €2,199.5 million (up 4.09 per cent) was allocated to widows’ pensions.

The average pension in the system is €1,315.3 per month, representing an increase of 4.4 per cent over the same month last year. The average retirement pension, received by nearly 6.6 million people, is now €1,510.1 per month, 4.3 per cent higher than last year. Meanwhile, the average widow’s pension is €936.70 per month.

For new retirement registrations, the average amount in the system is €1,675.60, the latest data available for September showed. In the General Scheme, the average pension for new retirees is €1,780.80 per month.

At the end of September, according to the latest data available, there were 274,843 new retirees. Deferred retirements now account for 11.2 per cent of the total number of new retirees. 

The Ministry reportedly found that, overall, 73.1 per cent of registrations occur at the normal retirement age or later. “Thanks in large part to incentives to bring the age of access closer to the legal retirement age,” it said.

Source: The Corner

(Quote via original reporting)