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How will pensions be in 2022?

Everything indicates that from January 1, 2022, pensions will rise, according to the new revaluation formula included in the pension reform bill.  

But,  How are pensions revalued?

Pensions will be revalued at the beginning of 2022 with the CPI for the 12 months prior to December of the previous year. If the CPI were negative, benefits would not be reduced, they would stay the same.

Previously, a inflation forecast, which did not always adjust to reality, and the difference between the estimate and inflation was fixed with the well-known “paguilla”.

What is the estimate of the increase in pensions?

In the absence of knowing the CPI data for December, we have the data for the advance inflation for November that rose to 5.6% and it's possible predict that pensions will increase by 2.5%.

In the following graph we can see the revaluation percentages applied to each type of pension in recent years:

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Source: Economic-Financial Report on the 2021 Social Security Budgets

How much will pensions rise in 2022?

With the expected increase the maximum pension HE will revalue up to 38,852.48 euros per year, that is, 2,775.17 euros monthly.

Minimum pensions They would look like this:

  • Retirement at 65 years or older: with a dependent spouse, you will receive 876.53 euros per month; without a spouse 710.34 euros, while with a non-dependent spouse it will be 674.24 euros.
  • Retirement for those under 65 years of age: with a dependent spouse it will be 821.84 euros per month and without charge 628.2 euros. For those who do not have a spouse, the amount will be 664.66 euros
  • Widow's pensions: with family responsibilities, the pension will be 821.84 euros; for people over 65 years of age or with a disability greater than 65% it will be 710.39 euros and for people between 60 and 64 years old it will be 673.93 euros; and for those under 60 years of age without charges it will be 538.18 euros.
  • Orphan's pension: The general price will be 217.12 euros. For minors under 18 years of age with a disability equal to or greater than 65% it will be 427.14 euros. For cases of absolute orphanhood, the amount will be 755.3 euros.
  • Pensions for family members: per beneficiary it will be 217.12 euros per month; a single beneficiary aged 65 will be 524.68 euros and a single beneficiary under 65 years old will be 594.50 euros.
  • Permanent disability of great disability: with a dependent spouse it will be 1,314.8 euros; without a spouse 1,065.64 euros and with a non-dependent spouse 1,011.36 euros.
  • Absolute or total disability of holders over 65 years of age or older: with a dependent spouse it will be 876.53 euros, 710.39 euros without a spouse and 674.24 euros with a non-dependent spouse.
  • YoTotal disability of holders between 60 and 64 years: 821.84 euros with dependent spouse, without spouse 664.66 euros and with non-dependent spouse 628.2 euros.
  • Disability due to an illness in those under 60 years of age: 523.76 euros with a dependent spouse, 519.12 euros without a spouse and 523.76 euros with a non-dependent spouse.

This increase will affect the almost 9 million pensioners we have in Spain, good news for them after 2 years with very residual increases.

Labor advisor at Asinte International Advisory Office

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