The retirement pensions of Alicante residents will be increased this year in order to address inflation. In 2025, the average annual Consumer Price Index (CPI) will be used to revalue contributory pensions by 2.8%.
As a consequence of an agreement between the government and social partners, Law 20/2021, which was enacted in 2021, pensions are annually amended to maintain their purchasing power in accordance with the increase in prices.
The revaluation will result in an annual increase of approximately 600 euros for individuals with an average retirement pension, according to the Ministry of Inclusion, Social Security, and Migration. The average pension in the system will increase by approximately 500 euros per year.
As a result, a pensioner who currently receives a monthly pension of €1,441 (which is equivalent to the average retirement pension in 2024) will receive a monthly pension of €1,481.35 in 2025, which is an annual increase of €564.87.
In 2024, the average pension in Alicante was approximately 1,249 euros, which is the lowest in the Autonomous Community and the country. The disparity is even more pronounced when contrasted with other provinces. The territories of Bizkaia, Álava, Asturias, and Gipuzkoa receive over 1,750 euros, which is a difference of over 400 euros from those of Alicante.
The Alicante residents received an annual salary of 14,988 euros last year, which will increase to 15,407 euros, representing a 419-euro increase.
The increase is nearly 200 euros less than the Spanish average and will result in an additional 35 euros per month in pension contributions. According to January 2025 social security data, the average monthly income for residents of Alicante is 1,280 euros.
In addition to the 720,148 pensions that correspond to the State Pension Scheme, which will also be revalued using the same index, this increase will benefit the approximately 9.3 million individuals who receive 10.3 million contributory pensions in Spain.
The formula utilised to determine the revaluation for the upcoming fiscal year is the one established by Law 21/2021, which was enacted on December 28th. This law also established the guarantee of the purchasing power of pensions and other measures to enhance the financial and social sustainability of the public pension system.
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