CPI confirms pension hike for 2023 at 8.5%

Budgets of Madrid (EFE).

In accordance with the 2021 reform, the annual revaluation of pensions is calculated with the average of the interannual inflation rates of the previous twelve months until November.

The 8.5% is the increase that will apply to contributory pensions, while non-contributory ones will increase by 15% in accordance with the provisions of the draft budget when it is processed in Congress.