Home Business What the minimum pensions will rise with the Escrivá reform

What the minimum pensions will rise with the Escrivá reform

This Thursday, the Government has approved the second pension  reform , promoted by the Minister of Inclusion, Social Security and Migration, José Luis Escrivá .

Among other measures, the reform includes an increase in contributory and non-contributory pensions. In addition, it is stipulated that the minimum pensions must rise above inflation to thus guarantee sufficiency.

The increase will take place between 2024 and 2027 and will mean an improvement in the amount of around 22% over the minimum contributory pension with a dependent spouse, as reported by the Noticias Trabajo portal .

Thus, in the year 2023, there are 13,526.80 euros per year (966.20 euros per month in 14 payments), so with this reform, the amount will stand at 1,178.50 euros per month.

In this way, the minimum contributory pension with a dependent spouse must reach 60% of the median income of a household made up of two adults, that is, an annual pension of 16,500 euros per year in 14 payments in the year 2027 (1178.57 euros per month).

On the other hand, non-contributory pensions have also risen, to stand at 75% of the individual poverty threshold. By the year 2027, it would be about 8,300 euros per year or 592.85 euros per month. Right now, the non-contributory pension stands at 484.61 euros.

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