Wednesday, September 28

Pension spending reaches a record level in December

The Social Security this month allocated a record number of 10,309 million euros to the payment of contributory pensions, 3.2% more than in the same month of 2020. This amount provided by the Ministry of Inclusion, Social Security and Migrations represents a new record.

The Department that directs Jose Luis Escrivá estimates that pension spending has been at 12% of gross domestic product (PIB) in the last year, a figure lower than that of 2020 (12.4% of GDP), a year conditioned by the impact of the pandemic, but higher than that of 2019 (10.9% of GDP).

Of the total of 10,309 million of the monthly payroll of contributory pensions, almost three-quarters were used for the payment of retirement benefits, which totaled 7,438.4 million euros, almost 3.8% more than in December last year.

To the pensions of widowhood 1,752.3 million euros were allocated, 2.1% more than a year ago, while 948.3 million euros were dedicated to permanent disability benefits (+ 1.4%).

For its part, the payment of benefits orphanhood entailed an amount of 143.2 million (+ 2.6%), and the benefits in favor of relatives totaled 26.8 million euros (+ 4.8%).

In December of this year, a total of 9,916,966 contributory pensions were paid, 1.1% more than a year ago. Of the total, more than 6.21 million were retirement pensions; 2.35 million were widow’s pensions; 953,591 were permanently disabled; 342,218 were orphan’s pensions, and 44,278, in favor of relatives.

Average retirement pension

The Average retirement pension reached 1,196.17 euros per month in December, 2.2% more than last year. In the general scheme, the average retirement pension amounted to 1,340.78 euros per month, compared to 796.41 euros per month in the pension scheme. autonomous. In coal mining, the average retirement pension is 2,334.89 euros per month and in the sea, 1,329.38 euros.

In December, the average pension of widowhood stood at 743.03 euros per month, with a year-on-year growth of 1.8%, while the average pension of the system, which includes the different types of pension (retirement, permanent disability, widowhood, orphanhood and in favor of relatives), it increased by 2.1%, reaching 1,039.54 euros per month on 1 December.

Related news

In the tall of retirement pensions registered in November (latest available date), the average pension reached 1,370.51 euros per month. In the first 11 months of the year (last available period) there have been 553,484 pension registrations, while 445,911 withdrawals have been registered.

Thus, the highs outweigh the lows, a trend that was already observed for the first time in a long time in the data that have been communicated almost since the beginning of the year. This trend, which could be influencing the vaccination, breaks with the one that occurred during the months of the pandemic, when the mortality that the covid was causing on the elderly caused the low pensions to be higher than the high ones.

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