Pensions will be revalued between 3.5% and 4.5% starting in January according to calculations handled by Social Security. The final numbers will only be known when the inflation for October and November is known, but, as things stand, the variations should be within this range. Let us remember that with the current regulations, which provide that retirees do not lose purchasing power, indexation is carried out with the average of inflation from December 2022 to November of this year, to be applied from January. In this way, the so-called payment also disappears, because the new pension is already established with all the data, not as a forecast, as was previously done.
Therefore, the two-month CPI remains to be known, but the forecast is for a gradual and moderate rise in prices, which allows Social Security technicians to consider these increase figures.
In this case, it would be approximately half of this year's figure, which was 8.5%. It happened in 2023 that the first steps of the law that establishes indexation with inflation, was also the year of rampant inflation, which no one anticipated, which caused the Bank of Spain and many economists to ask the Government not to transfer the increase to the full, at least not to the pensioners with higher pay. However, the Government remained firm and applied the increase in full and for everyone, despite the uncalculated extra expense that it exceeded. Now, the Ministry of Inclusion and Social Security assumes that this increase in pensions in accordance with prices, so that pensioners do not lose purchasing power, has already been established, and that there will be no government that wants to alter it.
