The ave­rage re­ti­re­ment pen­sion reached 1,254.4 euros per month

Spain: Spending On Pensions Reached A Record 10.81 Billion Euros In May, Up 4.8%

Pensions.
Pensions.

The Social Security allo­cated a re­cord 10.81 bi­llion euros to the pay­ment of con­tri­bu­tory pen­sions this May, 4.8% more than in the same month of 2021, the Ministry of Inclusion, Social Security and Migration said on Friday.

The Department headed by José Luis Escrivá estimates that spending on pensions stood at 11.8% of GDP in the fifth month of the year, a lower percentage than in 2020 (12.4% of GDP), a year conditioned by the impact of the pandemic on GDP, and also lower than in 2021 (12.1% of GDP).

Of the 10.810 billion euros devoted in May to the payment of contributory pensions, almost three quarters (72.3%) went to the payment of retirement pensions, which totalled 7.820.2 billion euros, 7.1% more than in May last year.

Some 1.826.9 billion euros were allocated to widowhood pensions, almost 5% more than a year ago, while 985.2 million euros (+4.6%) were allocated to permanent disability benefits. The payment of orphan’s benefits amounted to 149.8 million euros (+5.2%), and benefits in favour of family members totalled 28.2 million euros (+8.1%).

In May this year, 9,918,966 contributory pensions were paid out, 0.8% more than a year ago, to almost 9 million pensioners. Of the total number of pensions received, more than 6.23 million were retirement pensions; 2.34 million were widow’s pensions; 951,469 were permanent disability pensions; 341,631 were orphan’s pensions; and 44,375 were pensions in favour of family members.

Of the total number of pensioners, 4.6 million were men and 4.4 million were women. The number of pensions per pensioner is 1.1, which is more common among women.

The average retirement pension reached 1,254.4 euros per month in May, 5.6% more than in the same month last year. In the General Scheme, the average retirement pension amounted to 1,404.1 euros per month, compared with 834.6 euros per month in the Self-Employed Scheme. In the Coal Mining Scheme, the average retirement pension is 2,448.4 euros per month and in the Maritime Scheme, 1,392.4 euros.

In May, the average widow’s pension stood at 778.4 euros per month, with a year-on-year increase of 5.3%, while the average pension of the system, which includes the different types of pension (retirement, permanent disability, widow’s, widower’s, orphan’s and in favour of family members), increased by 5.6%, to stand at 1 May at 1,089.9 euros per month.

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