These are the most important changes for pensions in 2024

From 2024 changes will arrive for contributory and non-contributory pensions in Spain. The second reform of the pension system, which came into force last April, involves a series of improvements in the amounts of pensioners with the aim of guaranteeing their purchasing power.

In this way, as stated in Royal Decree-Law 2/2023, of March 16, these changes will affect not only retirement pensions, but also widowhood or permanent disability.

The first of these will arrive in January 2024 with the revaluation of all pensions according to the average CPI (Consumer Price Index) for the twelve months prior to December of the previous year.

In this sense, a progressive increase in contributory pensions is expected until 2027, with the update based on the CPI, while the minimum pensions must reach 60% of the average income in Spain by that date.

As reported by Noticias Trabajo, the reference amount of the pension will increase from January 2024 to reduce the existing gap by 20%. This amount will increase in 2025 and 2026 to reduce the gap by 30% and 50%, respectively.

The maximum contribution base according to the CPI will also be increased from next year and an additional fixed increase of 1.2 percentage points will be applied between 2024 and 20250.

With regard to the maximum pension, this will be revalued annually according to the CPI, an amount to which must also be added an additional increase of 0.115% until the year 2050.

In monetary terms, the minimum retirement pension will go from the current 13,527 euros per year (966 euros per month) to 16,500 euros per year (1,179 euros in 14 payments) in 2027, according to the Government's own estimates.

As for non-contributory pensions, set at 6,784 euros per year for an adult in 2023, they should reach 8,250 euros per year within four years. This would imply going from 484 euros per month in 14 payments to 592 euros per month in 2027, according to estimates: