Contributory pensions will be revalued by 3.8% in 2024. The increase will be effective from January 1 and is generally for the pensions of the system.

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, 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 is 734 euros per year, or 52 euros per month. The average pension of the system, of 1,200 euros, will increase 638 euros per year, which means 46 euros per month.

In total, more than 10 million pensioners will see their purchasing power preserved or increased.

The Minister of Inclusion, Social Security and Migration, Elma Saiz, highlights that “thanks to the pension reform approved in 2021, with the contribution of social agents and political parties that voted in favor, for the third consecutive year the Government of Spain protects the purchasing power of our pensioners.”

Minimum and non-contributory pensions will increase an even higher percentage, based on the provisions of Royal Decree Law 2/2023.

“The big news is that the pensions that increase the most are the lowest, that correspond to the people with the lowest income and that has a direct effect on reducing the gender gap, one of our inalienable goals,” says Saiz.