Pension expenses rose in April to a record figure of 11,962 million, 10.8% more

Social security awarded in the month of April a record figure of 11,962.7 million euros to the payment of contributory pensions, 10.8% more than in the same month of 2022, after its revaluation by 8.5% for this year, the Ministry of Inclusion, Social Security and Migration reported this Tuesday.

The department headed by José Luis Escrivá estimates that expenditure on pensions amounted to 11.7% of GDP in the last twelve months, the same percentage as in 2022, but lower than that of 2020 (12.4% of GDP), the year conditioned by the impact of the pandemic on GDP, but also from 2021 (12.1% of GDP).

In April this year 10,026,535 contributory pensions were paid, 1% more than a year ago. Of the total pensions, more than 6.34 million related to old-age pensions, and 2.35 million to widow’s pensions.

The average old-age pension reaches 1,373 euros per month

Behind increase of pensions with CPI Applied since the beginning of the year, the average pension in April increased by 9.7 percent year-on-year. up to 1,373 euros per month.

For its part, the system’s average pension, which includes different types of pensions (retirement, permanent disability, widow’s, orphan’s and in favor of relatives), also increased by 9.7% on an annual basis, until April 1 of the year. this year to 1,193.1 euros per month.