La nueva pensión de jubilación se dispara a 1.822 euros al mes: equivale al 88% del sueldo medio

The new pension for retirees has surged to 1,822 euros per month, equivalent to 88% of the average salary in Spain. This increase is a 5.83% rise compared to last year, surpassing the cost of living in the country, which stands at 2,403 euros per month. The pension received by new retirees under the general scheme of salaried workers amounts to 1,822 euros per month, paid in 14 installments.

This equates to 2,125 euros in 12 monthly installments, almost reaching the cost of living benchmark of 2,403 euros registered in the first quarter of 2026. The new pension represents 88% of the average salary, considering that the cost of living represented by the INE in this statistic is not the gross salary, but the total amount the company dedicates to remunerating the worker, including the base salary, supplementary wages, overtime, prorated additional payments, and in-kind payments.

According to the latest figures published by the Ministry of Social Security, the new retirement pension has grown by 5.83% compared to the previous year. This growth is not due to the inflation adjustment applied at the beginning of each year for existing benefits in 2026, which was 2.7%, but rather the variation between the new pension amounts.

This evolution is primarily influenced by the entry of workers with higher contributions and longer service records, which generate higher pension amounts. Between 2019 and 2026, the retirement pension from the general scheme has grown by 24.3%. This is one of the sources of tension in the Social Security accounts, as the average new pension paid is 17% higher than the ones being discontinued, causing a rise in implicit spending beyond the annual inflation adjustment of benefits.

Along with this spending increase caused by higher pension amounts compared to those being discontinued, known as the substitution effect, the entry of new pensioners and the annual adjustment contribute to the significant growth in the Social Security pension bill. In August, the payroll reached the historic figure of 14.470 million euros, a 6.2% increase compared to the same month of the previous year.

The scale of the spending increase is also far beyond what is caused by the inflation adjustment applied at the beginning of the year, which was 2.7%. In relation to the current inflation determining the next year's increase, the IPC was at 3.6% in July, nearly half of the growth in pension bills. In this context, the average pension of the Social Security system, which includes the amount of different types of pensions (retirement, permanent disability, widowhood, orphanhood, and family benefits), reached 1,373 euros monthly in August, a 4.6% increase compared to the same month last year.

While the average retirement pension, received by over two-thirds of total pensioners (6.5 million people), stood at 1,574 euros monthly in August, a 4.5% increase compared to the same month in 2025. The average retirement pension from the general scheme, received by over 5 million beneficiaries, was 1,733 euros monthly in 14 installments.