This increase will reach more than 10 million pensioners throughout Spain. The increase means more than 730 euros more per year for an average retirement pension.

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Contributory pensions to be revalued

Contributory pensions will be revalued by 3.8% in 2024. The increase will be effective as of January 1 and is general for the system’s pensions.

This 3.8% increase for 2024 is the result of the average consumer price index (CPI) between December 2022 and November 2023, according to the formula established in Law 21/2021 on guaranteeing the purchasing power of pensions and agreed with the social partners. In this way, the 2nd recommendation of the Toledo Pact is complied with, guaranteeing the purchasing power of pensioners based on the evolution of the CPI.

With this increase, the increase in the average retirement pension is 734 euros per year or 52 euros per month. The system’s average pension of 1,200 euros will increase by 638 euros per year or 46 euros per month.

In total, more than 10 million pensioners will see their purchasing power preserved or increased.

The Minister of Inclusion, Social Security and Migration, Elma Saiz, highlights that “thanks to the pension reform approved in 2021, with the contribution of the social agents and the political parties that voted in favour, for the third consecutive year the Government of Spain protects the purchasing power of our pensioners”.

Minimum and non-contributory pensions will increase by an even higher percentage, based on the provisions of Royal Decree Law 2/2023.

“The great news is that the pensions that rise the most are the lowest ones, which correspond to people with the lowest income and that has a direct effect on reducing the gender gap, one of our unwavering objectives,” Saiz affirms.