The last pension reform, approved in 2023, established the increase in the amounts of these benefits to match the rise in the CPI, with the aim that the high inflation of recent months does not impact the purchasing power of retirees. But how much will they rise then from 2025?
Specifically, the minimum pension for pensioners aged 65 or older is set at 11,552.8 euros per year and 14,466.20 in the case of retirees with a dependent spouse. Minors of that age receive a minimum of 10,808 euros and 14,466.20 if they have a dependent spouse.
How much will minimum pensions rise in 2025?
To answer this question, the first thing you need to know is that the revaluation of pensions is calculated annually based on the Consumer Price Index (CPI) for the 12 months prior to December of the previous year.
The CPI, which is used to measure the evolution of the prices of goods and services consumed by families, allows us to know the increase in the cost of living in the economy. That’s why, This adjustment in pensions has been carried out since January 2022 to ensure that pensioners do not lose their purchasing power and that their income remains on par with the progressively rising cost of living.
However, in order to calculate how much pensions will rise, it is necessary to average the inflation recorded between December of the previous year -2023-, and November of the current year -2024-, it will not be known until next November 28th. 9 in the morning, the approximate figure. The final data will be published on December 13 at the same time.
What do the estimates say?
Current estimates of how much pensions will rise in 2025 suggest that Contributory pensions could be revalued by 3.06%: In August, the CPI stood at 2.2%, so if we take an average from December of last year with the data known until August, the resulting inflation is 3.08%. According to Funcas’ forecast until December 2024, made in July based on CPI data for June, inflation will be 2.7% in September, 2.9% in October and 3.0% in November. .3%.
With these data, the average interannual CPI would be around 3.06%. Therefore, if this estimate is met, minimum pensions, in their contributory form, could be revalued by around 3% next year. Nevertheless, The Government of Spain committed to raising above inflation minimum pensions, non-contributory pensions and the Minimum Vital Income (IMV).