El Gobierno aprueba la revalorización de 11,8 millones de pensiones y prestaciones en 2024

The Council of Ministers approved on Tuesday a Royal Decree-Law that includes the revaluation of pensions in the Social Security system, Passive Classes and other public benefits by 2024. The increase, effective since January 1, represents an increase of 3.8% overall in the pensions of the Social Security and Passive Classes system of the State.

This increase of 3.8% for 2024 is the result of the average consumer price index (CPI) between December 2022 and November 2023, according to the formula established in Law 20/2021 on the guarantee of the purchasing power of pensions, approved in 2021 and agreed with the social partners. In this way, it complies with recommendation 2 of the Toledo Pact, guaranteeing the purchasing power of pensioners based on the evolution of the CPI.

With this increase, the increase in the average retirement pension, of 1,380 euros per month, is 734 euros per year, or 52 euros per month. In the last two years, the increase in this average retirement pension has been about 2,230 euros. The average pension of the system, of 1,200 euros, will increase by 638 euros per year in 2024, which means 46 euros per month.

The Government has also agreed today to increase the minimum and non-contributory pensions and the Minimum Vital Income (IMV), which will be higher, by 6.9%, in accordance with the provisions of Royal Decree-Law 2/2023 and by virtue of recommendation 15th of the Toledo Pact.

In the case of the minimum widow's pension, with family charges, in compliance with the mandate of RD 2/2023, its amount is equal to that of the minimum retirement pension with dependent spouse, which means an increase of 14.1%.

The non-contributory old age and disability pensions (SOVI) will also be revalued by 6.9% by 2024, which means reaching 517.9 euros per month, which is equivalent to 7.250.6 euros per year.

The minimum pension for single-person households is fixed at 11,552.8 euros per year (compared to 10,963.4 euros in 2023) and 14,466.2 euros in cases with a dependent spouse (in 2023, it was 13,526.80 euros).

In total, almost 11.8 million pensioners and recipients of benefits will be conserved or increased in purchasing power, among contributory and non-contributory pension recipients, those of Passive Classes, households reached by the IMV and recipients of benefits for dependent children with disabilities.  

Minister Elma Saiz has assured that this measure benefits “one in four Spaniards, who are in a situation of greater vulnerability and are less able to adjust their income in the face of changing economic situations.” In addition, he continues, “their purchasing power is assured while the Government of Spain takes other protective measures for different groups.”

The cost of the revaluation to 3.8%, estimated for the whole of 2024, is 7.3 billion euros. If you add the increase in minimum pensions, non-contributory pensions and the IMV, this figure amounts to 8.28 billion.

Greater protection for researchers

For its part, the text allows the possibility of signing a special agreement for researchers. In particular, it refers to the adoption of appropriate legislative provisions that will make it possible in an extraordinary way to sign a special agreement, at the request of the interested parties, that will make it possible to extend, up to a maximum of 5 years, the computation of training periods as a contribution.

It refers to those university graduates, with the corresponding official doctoral studies -dated before February 4, 2006 -, who have participated in programs of a research nature, both in Spain and abroad.

It also extends the period for the discharge and discharge of training practices in the General Treasury of Social Security and thus facilitates the processing of this measure to extend the protection of young people.

Contract of Relief

In addition, the extension of partial retirement with a relief contract in the manufacturing industry is incorporated into this Royal Decree-Law. Thus, this regulation will continue to be applied for workers with high physical effort who are at least six years old in the company and provided that at the time of retirement the percentage of workers in the company with an indefinite contract exceeds 70% of the workforce. The reduction in working hours is maintained between 25% and 67%. The extension runs until December 31, 2024.

Extension of aid for the volcano of La Palma

With regard to support measures for those affected by the eruption of the Cumbre Vieja volcano, the postponement with more advantageous conditions of the payment of social security contributions whose accrual takes place between the months of January to March 2024, in the case of companies, and between the months of February to April 2024, in the case of self-employed workers, is extended.

It has also approved the extension for 6 months of the special cessation benefit for the self-employed as a direct result of the volcanic eruption registered in the Cumbre Vieja area of La Palma.

And the 100% exemption in the contribution applicable to the ERTE by force majeure in the population units of Puerto Naos and La Bombilla is maintained - given the continued incidence of the volcano in the active in those populations - on the business contribution for common contingencies and for concepts of joint collection whose accrual occurs in the months of January to June 2024.