More than 2 million retirees will see their overall benefits increase by 2.7% next year. This is how we knew this after knowing the inflation data for November (3%) necessary to fix the revaluation of pensions. Here are some questions and answers about how to apply this climb.
Who will get a 2.7% pension increase in 2026?
All citizens covered by social security contributory pensions, as well as pensioners from negative categories (retired employees), will see their benefits increase by 2.7% next year.
How much is this in euros?
The average pension is currently around 1,511.5 euros per month (in 14 payments). Therefore, pensioners who receive a similar amount will be charged a fee of around €1,552, i.e. about €40 more each month. At the same time, the average widow’s pension, which currently stands at 937 euros per month, will fall to just 962 euros, that is, an additional 25 euros per month, in round numbers.
What happens with non-contributory annuities?
Non-contributory or assistance pensions, as well as minimum pensions, are expected to rise by more than 2.7%. This is how the law is designed to help all pensioners escape the poverty line. However, this is a decision taken by the government, which must announce, in the next few days, the amount of increase in these retirement modalities.
If I receive more than one pension, will it be increased?
Yes. In Spain, about a million pensioners receive more than one pension, overall, and in these cases, both will increase by 2.7% next year.
When will you notice the increase?
The new pension amounts will be applied from the following month’s income. The installment must be paid between the 1st and 4th of every month, but financial institutions that accept this payment are usually paid in the last few days of the previous month. Many retirees will receive their increased pensions at the end of December.
Does the increase also apply to additional payments?
Yes. The reassessment applies in the same way to the monthly payments and additional summer and Christmas payments that retirees receive next year.
Does the maximum pension also increase?
Yes. The system’s maximum pension will see the same increase as the rest of the pensions. These payments will range from a total of €3,267.60 per month (a total of €45,746.40 per year in 14 payments) to approximately €3,356 per month (about €46,981 per year).
Why is the 2.7% increase being implemented elsewhere?
Because the law stipulates that pensions must mandatorily rise according to the monthly average of the Consumer Price Index for the last few months, starting from November of the year to the last year of the previous year. This formula ensures that retirees will not lose their purchasing power.
Why did I learn about climbing today?
Because that comes when we know how much prices rose in November, which is the latest necessary date to be able to do the revaluation calculation set by law. Although this is an estimate provided by the National Institute of Statistics, which will need to be confirmed in mid-December, the small variations seen in the IPC in this revision will not have an impact on the 12-month average, although they could fluctuate at least a tenth of the way down.