Pensions for new retirees in Spain average €1,826 per month, exceeding over 60% of workers. This figure reflects the growing pressure on Social Security.
Pensions for new retirees under the general scheme in Spain have reached €1,826 per month in fourteen payments, which is equivalent to €2,130 in twelve monthly payments, according to expansion.com. This increase is due to new pensioners typically having longer contribution careers and higher regulatory bases.
In the context of the labour market, these new retirees earn more than 60% of employees, according to data from the INE. The average pension is 199.9% above the salary of the first decile and is 66.3% higher than that of the second decile. However, it is 13% lower than the salary of the seventh decile, which amounts to €2,448.
This scenario creates significant financial tension for Social Security, which faces an annual contributory deficit of €60 billion. The sustainability of the system is compromised by the projected low birth rate, which could be around one child per woman by 2050.
The replacement rate of pensions in Spain is one of the highest in the OECD, reaching 80% of the last salary for an average worker. This creates additional pressure in a system where current benefits are financed exclusively by the contributions of active workers.
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