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Politics

Treasury assures that pensions will be updated according to law and CPI

The Treasury guarantees that pensions will rise each year according to the law and CPI. The provisional inflation figure for November will be published on November 27.

Álvaro Sáez Ferrer
Álvaro Sáez Ferrer
· 2 min read
AIIllustrative image: long empty corridor of an institutional building with natural light at the end
Illustrative image: long empty corridor of an institutional building with natural light at the end

The Minister of Finance, Arcadi España, states that the Government will update pensions each year in accordance with the law. The amount will depend on the CPI of the reference period, the provisional figure for November will be known on November 27.

The Minister of Finance, Arcadi España, has assured that the Government will update pension benefits each year and that it will do so with the mechanism and at the time it deems appropriate. The statements were made in an interview on TVE, as reported by Infobae, amid controversy over the proposals from the Popular Party and Vox regarding the public pension system.

During the interview, the minister stated that the Executive will fulfil its legal obligation: "Of course, we, like every year, have to comply with the law and it will be done with the mechanism and at the time that is appropriate." The statement does not specify the amount of the next increase, which will depend on the legal formula and the inflation data of the reference period.

The formula is outlined in Law 20/2021, approved following an agreement between the Government and social agents. According to this regulation, pensions are revalued each year in accordance with price developments to preserve the purchasing power of their beneficiaries.

The calculation takes as a reference the average year-on-year CPI over twelve months, from December of the previous year to November of the current year. The National Statistics Institute (INE) will publish the provisional figure for November on November 27, two days before the general elections on November 29.

Arcadi España has defended that the average retirement pension has increased by 43% during the term of Pedro Sánchez and that the pension reserve fund amounts to 15 billion euros.

The first vice president and Minister of Economy, Carlos Cuerpo, has also defended the viability of the system. In statements to RNE, reported by Europa Press, he considered that the Spanish model is "perfectly sustainable" and criticized the messages from the PP regarding the system's bankruptcy.

Álvaro Sáez Ferrer

Written by

Álvaro Sáez Ferrer

Redactor

Economista por ICADE y una de las pocas personas que disfruta leyendo la ley de presupuestos. Cafetero, padre a tiempo completo y azote de la letra pequeña; en Diario Empresas escribe de economía y fiscalidad.

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