Pension spending reaches a record figure of 12,120 million in December, 10.8% more

ECONOMY / By Luis Moreno

In this month of December, Social Security allocated the record figure of 12,120.8 million euros to the payment of the ordinary monthly payroll of contributory pensions, almost 10.8% more than in the same month of 2022, as reported by this Tuesday the Ministry of Inclusion, Social Security and Migration.

The ordinary monthly pension payroll exceeded 12,000 million euros for the first time in July and this month it once again sets a new record.

The Department led by Elma Saiz estimates that pension spending stood at 11.5% of GDP in the last twelve months, below that of 2022 (11.7% of GDP), 2021 (12.1% of GDP) and 2020 (12.4% of GDP), a year conditioned by the impact of the pandemic on GDP.

In December of this year, 10,111,991 contributory pensions were paid, almost 1.2% more than a year ago, to just over 9.15 million pensioners.

The average pension rises 9.4%

After the increase in pensions with the CPI applied since the beginning of the year, the average retirement pension increased by 9.4% year-on-year in December, to 1,378.4 euros per month.

For its part, the average pension of the system, which includes the different types of pension (retirement, permanent disability, widowhood, orphanhood and for family members), increased by 9.5% year-on-year, reaching December 1 of this year at 1,198.65 euros per month.