Retirement spending reaches a record figure in November: more than 10,910 million

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The Social Security allocated in November the record amount of 10.913 million euros to the payment of contributory pensions, i.e. 6.1% more than in the same month of 2021, as reported this Friday by the Ministry of Inclusion, Security Social and Migrations, who specified that, in homogeneous terms, the increase in expenditure is 4.5% over one year.

The department headed by José Luis Escrivá estimates that pension expenses amounted to 11.7% of GDP in the eleventh month of the year, a percentage lower than that of 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).

Along with this month’s payroll, Social Security will also pay extraordinary salary November for an amount of 10,649 million euros.

In October this year, 9,975,234 contributory pensions were paid, which is 0.77% more than a year ago. Of the total pensions, more than 6.28 million were retirement pensions and 2.35 million widow’s pensions.

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The average retirement pension reached 1,258.8 euros per month in November, ie 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, orphanage and for the benefit of relatives), also increased by 5.3% over one year, to reach 1,094 in November 1st 02 euros per month.

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