The CPI triggers pension spending in May to reach 12,000 million

The revaluation of pensions according to the CPI meant an increase this year of 8.5%, which is increasing Social Security spending month after month. In the month of May, spending on pensions once again reached a record figure, touching 12 billion euros. Specifically, spending on this item was 11,974.3 million euros, 10.7% more than in May a year ago, as reported this Friday by the Ministry of Social Security.

Of the total expenditure, three quarters (73%) were allocated to paying retirement pensions, exceeding 8,700 million euros (11.5% more than a year ago), while almost 2,000 million were allocated to widow’s pensions. (9.4% more), disability benefits about 1,050 million euros (7.4% more), orphanhood benefits 163 million (8.7% more) and benefits for family members amounted to 31.4 million ( 11.4% more).

In total, it represents spending on pensions equivalent to 11.7% of the national GDP, the same percentage as in 2022, according to data from the ministry led by José Luis Escrivá. There are 9 million people who receive a pension, 4.6 million are men and 4.5 million are women.

The average retirement pension has increased in May by 9.6% compared to a year ago due to the increase in accordance with the CPI, up to 1,375 euros per month for beneficiaries. This amount rises to 1,533 euros per month on average for those retirees who come from the employee regime, while that of the self-employed regime was 915 euros on average per month in May.

850 euros of widowhood

The lowest is the widow’s pension, whose average amount was only 852 euros per month despite the revaluation according to the CPI. In general, the average pension of the system, which includes the different classes (retirement, disability, widowhood and orphanhood) increased in May by 9.6% compared to last year to 1,195 euros per month. Regarding new retirement benefits, the latest data for the month of April indicate that the average amount was 1,357 euros.

In the system as a whole, 10.02 million contributory pensions were paid in May, 1% more than a year ago. And of the total pensions, 6.34 million were retirement pensions and 2.34 million were widowhood pensions.

And regarding the gender gap supplement, around 496,000 received this aid at the end of April, of which 91.7% are women. The average monthly amount of this pension supplement is 65.9 euros. Of the supplemented pensions, 22.6% correspond to pensioners with a child, who previously did not have access to the maternity supplement. 47% have two children, 19.5% have three and 10.7% have four children.

This supplement, in force since February 2021, is a fixed amount of 30.40 euros per month per child, which is applied from the first child, unlike the previous maternity supplement.

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