The uncertain advance of inflation and the entry into the retirement system of new pensioners with the right to increasingly higher payments as a result of a more fruitful career are the two most volatile components that can determine the monthly volume of the bill paid to these effects the Social Security. With the October data already on the table, the combination of both factors results in that new retirees who leave the labor market have pensions up to 58% higher than what is currently perceived by workers in SMI.
Specifically, these new benefits, as of September – latest available date – the average pension for new retirements amounted to 1,419.84 euros, and in the general scheme, specifically, it rose to 1,527.12 euros per month on average. In the latter case, the amount is 1.5 times the value of the minimum wage , set for this year at 965 euros per month.
Thus, as of October 1, the monthly payroll of Social Security contributory benefits amounted to 10,251.52 million euros, 3.24% more than the same month last year. More than two thirds of the payroll, 7,389.93 million euros, was used to pay retirement pensions. This amount experienced a growth of 3.77% in the last twelve months.
On the other hand, 1,747.24 million euros were dedicated to widowhood pensions, 2.13% more than in October 2020. The payroll for permanent disability benefits, meanwhile, stood at 944.92 million euros. euros (1.25%), while that of orphans accounted for 142.75 million euros (2.60%) and benefits for family members, 26.67 million euros (4.72%).
Of the 9,881,206 contributory pensions paid as of October 1 (1.10% more than in October 2020), 6,190,182 are for retirement, 2,354,994 for widowhood, 950,472 for permanent disability, 341,436 for orphanhood and 44,122 in favor of relatives.
Amount of benefits
Furthermore, the average pension of the system was 1,037.48 euros per month . This amount, which includes the different types of pension (retirement, permanent disability, widowhood, orphanhood and in favor of relatives), increased in the last year by 2.11%.
The average retirement pension of the system, meanwhile, stood at 1,193.81 euros, 2.22% more than a year earlier. By schemes, the average retirement pension from the general scheme was 1,338.84 euros per month, while the lowest was recorded by the self – employed scheme , 795.14 euros per month. While in Coal Mining, the average monthly retirement was 2,331.67 euros and was 1,326.97 euros in the Sea regime.
The monthly payroll of Passive Classes pensions amounted to 1,230.10 million euros in September 2021, the latest data available. This amount represents 4.94% more than a year ago. The number of pensions in force amounts to 674,010, 17,352 pensions more than in the same month of the previous year (2.64% annual variation).
The State Passive Classes regime fundamentally includes military personnel and civil personnel of the General State Administration, the Administration of Justice, the General Courts and other constitutional or state bodies, as well as officials transferred to the communities. autonomous.
It should be remembered that the total Social Security budget will be 181,065 million euros, which is 1.5% more than the settlement forecast for 2021, and 4.2%, if Covid expenses are not taken into account. Of the total, 149,900 million, the largest item, are dedicated to contributory pensions (it grows 3.4% with respect to the liquidation forecast).
Spending over GDP
Spending on pensions thus stands at 12% of GDP taking into account the last 12 months, according to the Social Security estimate. This figure is lower than the 12.4% of 2020, which was conditioned by the impact of the pandemic on GDP, and slightly exceeds the 10.9% of 2019. The estimated expenditure for 2021 represents an increase of 3% compared to 2020 , in line with the Budget.