Pension spending shoots up in May to 11,974 million, 10.7% extra

Pension spending stands at 11.7% of GDPIn May greater than 10 million contributory pensions have been paid, between retirement and widowhoodThe common retirement pension reaches 1,375 euros due to the rise within the CPI

Record in pension spending. Social Security allotted on this month of May the determine of 11,974.3 million euros to the cost of contributory pensions, 10.7% greater than in the identical month of 2022, after its revaluation by 8.5% for this yr, as reported this Friday by the Ministry of Inclusion, Social Security and Migrations.

The Department headed by José Luis Escrivá estimates that pension spending stood at 11.7% of GDP within the final twelve months, the identical share as in 2022, however decrease than in 2020 (12.4% of GDP). yr conditioned by the impression of the pandemic on GDP, and likewise that of 2021 (12.1% of GDP).

In May of this yr, 10,019,689 contributory pensions had been paid, 1% greater than a yr in the past. Of the overall pensions, greater than 6.34 million had been retirement pensions and a couple of.34 million had been widow’s pensions.

The common retirement pension reaches 1,375 euros monthly

After the rise in pensions with the CPI utilized for the reason that starting of the yr, the typical retirement pension elevated by 9.6% year-on-year in May, as much as 1,375.2 euros monthly.

For its half, the system’s common pension, which incorporates the various kinds of pension (retirement, everlasting incapacity, widowhood, orphanhood, and in favor of kin), additionally elevated by 9.6% year-on-year, as much as 1 May of this yr. yr at 1,195.1 euros monthly.