Pension spending reaches a record figure of 12,075 million in October, 10.9% more

MADRID, 24 Oct. (EUROPA PRESS) -

In this month of October, Social Security allocated the record figure of 12,075.3 million euros to the payment of the ordinary monthly payroll of contributory pensions, 10.9% more than in the same month of 2022, as reported this Tuesday by the Ministry of Inclusion, Social Security and Migration.

The ordinary monthly pension payroll exceeded 12,000 million euros for the first time in July and this month it once again sets a new record.

The Department headed by José Luis Escrivá estimates that pension spending stood at 11.6% of GDP in the last twelve months, below that of 2022 (11.7% of GDP), 2021 (12.1% of GDP) and 2020 (12.4% of GDP), a year conditioned by the impact of the pandemic on GDP.

In October of this year, 10,085,672 contributory pensions were paid, almost 1.3% more than a year ago, to just over 9.13 million pensioners.

After the increase in pensions with the CPI applied since the beginning of the year, the average retirement pension increased by 9.5% year-on-year in October, to 1,377.2 euros per month.

For its part, the average pension of the system, which includes the different types of pension (retirement, permanent disability, widowhood, orphanhood and in favor of relatives), also increased by 9.5% year-on-year, reaching October 1 of this year. year at 1,197.3 euros per month.