New retirees enter the system earning more than 1,500 euros on average

Retirees from the general regime who entered the pension system in September did so with an average benefit of 1,529.

Thomas Osborne
Thomas Osborne
25 October 2022 Tuesday 05:45
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New retirees enter the system earning more than 1,500 euros on average

Retirees from the general regime who entered the pension system in September did so with an average benefit of 1,529.10 euros. It is the highest figure in this month in the historical series, according to the most updated data from Social Security known this Tuesday.

In the total of the system, in which other regimes are counted -autonomous, from the sea, coal...-, the average has stood at 1,435.73 euros, also a maximum for the month of September.

Pension spending in October represented a disbursement of 10,887 million euros, 4.5% more in homogeneous terms than a year ago and the equivalent of 11.8% of GDP. It is a record that is repeated month after month.

The average pension of the 9.95 million benefits paid in Spain stands at 1,093.13 euros, a figure that goes to 1,257.90 euros in the case of retirement. The majority, 6.27 million, are retirements. They are followed by 2.3 million widow's pensions, 948,917 for permanent disability, 341,194 for orphans and 44,505 in favor of relatives.

Counting all of them, a retiree earns an average of 1,257.9 euros in Spain. But there are big differences by regimens. Thus, while someone from the general earns 1,405.90 euros per month on average, a self-employed person takes 837.30 euros, almost 570 euros less. There are also large differences between the average retirement pension for men (1,445.11 euros) and that for women (979.51).

And the same goes for age. By way of example, pensioners between the ages of 70 and 74 who are already in the system earn 1,341.11 euros, while those between 65 and 69 have an average of 1,411.45 euros, since they have had careers with better pay.

According to the mechanism currently in force, pensions are revalued with inflation, which guarantees that there is no loss of purchasing power in the system. With benefits starting from high bases, some sectors have warned about their suitability, especially when applying the improvement in the highest pensions.