This is the increase in pensions planned for 2024, according to CPI data

The Contributory pensions will rise by 3.8% in 2024After the inflation has closed November in the 3.2%, according to your advance information. In the case of the minimum and non-contributory pensions will increase around 6.8% according to the latest Government estimates.

The revaluation of pensions is calculated with the average of the interannual inflation rates of the previous twelve months, that is, from December 2022 to November of this year.

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However, to establish the exact percentage of the increase in 2024 we must wait to know the final data of the Consumer Price Index (CPI) for November, which the National Institute of Statistics (INE) will be published on December 14, and will vary by a few tenths.

The payroll monthly of the benefits Social Security contributions in November were 12,100.8 million euros for the payment of the ordinary monthly payment. Along with this month’s payroll, the extraordinary pay for November 2023 is also paid, for an amount of 11,823 million euros.

Until 2021, when all pensions were frozen except the minimum and non-contributory ones, benefits to retirees were revalued each year in accordance with the expected inflation and then a payment was made compensatory pay if the November consumer price index was greater than the set increase. A few years earlier, in 2013, a revaluation mechanism linked to the financial situation of Social Security was approved, which established a minimum increase of 0.25% while it was in deficit.

Five years later, in 2018, this mechanism was repealed with the recovery of the so-called “straw” which was calculated with the average of the interannual CPI rates of the last twelve months, instead of with the November CPI as was traditional.

The 3.8% rise is what the market will defend tomorrow Ministry of Labor in the social dialogue table to negotiate the minimum interprofessional wage (SMI) for 2024. The second vice president and Minister of Labor, Yolanda Díaz, He assured last week that the SMI must maintain purchasing power and rise in line with the average CPI rate between December 2022 and November of this year, which he then estimated would be between 3.7% and 3.8%.

The meeting will be attended by employers who defend a 3% increase for next year (plus another 3% for 2025) and the unions who call the proposal “insufficient” and ask that product inflation be taken into account. basics, such as food, much higher.