Pension spending reaches the record figure of 10,857 million in August, 4.6% more

MADRID, 26 Ago. (EUROPA PRESS) -

The Social Security allocated in the current month of August the record figure of 10,856.9 million euros to the payment of contributory pensions, 4.6% more than in the same month of 2021, as reported this Friday by the Ministry of Inclusion, Social Security and Migrations.

The Department headed by José Luis Escrivá estimates that pension spending stood at 11.8% of GDP in the eighth month of the year, a lower percentage than in 2020 (12.4% of GDP), a year conditioned by the impact of the pandemic on GDP, and also lower than that of 2021 (12.1% of GDP).

In August of this year, 9,948,815 contributory pensions were paid, 0.9% more than a year ago. Of the total pensions, more than 6.25 million were retirement pensions and 2.35 million were widow's pensions.

The average retirement pension reached 1,255.92 euros per month in August, 5.3% more than in the same month last year.

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 5.3% year-on-year, to stand at 1,092 on August 1, 3 euros per month.