Pensions: this is what the increase looks like for 2024

Good news for retirees, whose pensions will increase by 3.8% next year. The INE confirmed this Thursday the November CPI data that it had advanced at the end of last month, which was missing to know exactly how much pensions will be reevaluated in 2024, since they are now increased automatically with the average inflation of the last twelve months, from December to November.

But what does the increase in pensions mean? The average pension in Gipuzkoa will increase from 1,441.91 euros to 1,496.7 euros, which means 54.7 euros more per month and 765.8 euros more per year for the 14 payments. A larger increase than in the state as a whole, where in general recipients of a contributory benefit will receive 45.5 euros more per month, which implies that the pension will amount to 1,243 euros.

Compared to last year, the increase in pensions is more modest. But we must not forget that in 2022 inflation tightened like never before, which led to a revaluation of benefits of no more and no less than 8.5%. In total, in two years, retirees will see their payments increase by 12.3%. And it should also be noted that this is the second strongest growth in eleven years.

In the case of Gipuzkoa, one of the territories with the highest pensions, the retirement pension will comfortably exceed the mark of 1,600 euros per month (1,680.49 euros), 61.5 more per month and 861 euros more more per year. For their part, widows’ pensions in Guipuzcoa will see their monthly payroll increased by 38.22 euros, up to an average of 1,044.03 euros, which implies 535.08 euros more per year. Another relevant benefit, Permanent Disability, will reach 1,523.46 euros in the territory, including a monthly increase of 55.77 euros, or an increase of 780.78 euros per course in the 14 payments.

Other pensions such as those coming from Orphanage and Favor of Parents will reach an average of 581.15 euros and 896.57 euros respectively in Gipuzkoa. As for Orphans, the pension will increase by 21.27 euros per month (297.78 euros per year) and by 32.82 euros per month (459.48 euros per year) in the Faveur Famille pension.

As for the entire Basque Country, the average pension will increase this year from 1,471.4 euros to 1,527.31 euros, which translates into an increase of 55.91 euros per month and 782.74 euros per year.

For their part, the CPI data confirmed this Thursday mean that the rise in prices gives a small respite in November by increasing by 3.2%, three tenths below the October rate, according to INE data . Inflation returns to a downward trajectory after four months of increases compared to the minimum reached in June at 1.9%. The best news comes from core inflation, which doesn’t take into account energy or fresh food prices and is harder to moderate.

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