The cost of revaluing pensions by 8.5% will exceed 12,700 million euros

MADRID, 14 Dic. (EUROPA PRESS) -

Contributory pensions will rise by 8.5% in 2023 with the revaluation formula included in the pension reform law, which takes into account, as a reference to determine the increase in these benefits, the twelve-month average interannual CPI (from December of the previous year to November of the current year).

The National Institute of Statistics (INE) has published this Wednesday the final CPI data for November, with which the average from December 2021 to November 2022 shows inflation in this period of 8.46%, although the Government intends to to round it to 8.5% when revaluing pensions and the Minimum Vital Income (IMV).

For their part, non-contributory pensions will maintain for next year the 15% increase that was applied to them last July by virtue of an amendment agreed upon by the Government with Bildu in the framework of budget negotiations.

The 2023 General State Budget (PGE), recently approved by Congress, did not contemplate the specific figure by which contributory pensions will rise next year because the inflation data to which their revaluation is linked was unknown, although the Government calculated that It was going to be at 8.5%, tenths up or down, as it has been.

Social Security calculates that each tenth increase in pensions has a cost of about 150 million euros, so raising them by 8.5% will imply an expense of approximately 12,750 million euros.

The Bank of Spain, for its part, estimates that each tenth of an increase implies a cost of 180 million euros. Using these estimates, the cost of raising pensions by 8.5% would be around 15.3 billion euros.