Wed. Jan 20th, 2021
The pension payroll

The monthly payroll of Social Security contributory benefits continues to rise. In November, it broke a new record by rising to 9,955.09 million euros, 2.26% more than a year ago. This increase deepens the deficit dragged by Social Security, which for this year is expected to exceed 45,000 million , a new record.

With regard to November, more than two thirds of the pension payroll, 7,144.39 million euros, was used to pay retirement pensions . This amount represented a growth of 2.89% in the last twelve months.

1,713.31 million euros were allocated to widowhood pensions , 1.39% more than a year ago. While the figure for permanent disability benefits stood at 932.89 million euros (-0.66%), 138.98 million (0.98%) were allocated to orphan benefits and to benefits in favor of family members, 25.52 million euros (2.49%).

Keys:
Of the 9,788,587 contributory pensions paid as of November 1 (0.04% more than a year ago), 6,111,538 were retirement pensions.

2,349,946 for widowhood, 946,900 for permanent disability, 337,265 for orphanhood and 42,938 for family members.

The average pension of the system, which includes the different classes (retirement, permanent disability, widowhood, orphans and in favor of relatives), increased 2.21% in the last year, reaching 1,017.01 euros per month.

In the case of men, the average pension was 1,236.01 euros, while the average monthly payment received by women amounted to 814.82 euros.

Retirement pension
The average retirement pension amounted to 1,169 euros , 2.30% more than last year. Specifically, the new additions to retirement pensions in October were 7.28% more substantial than the new retirement pensions in the same month of 2019, rising to 1,400.72 euros per month on average.

The new retirements caused in the General Regime amounted to 1,516.94 euros / month. According to data from the National Social Security Institute (INSS), during the month of October (latest data available) 54,280 new pension registrations were registered , 3.4% more than a year ago.

If the annual accumulated is considered, from January to October 2020, 432,766 new pensions have been registered, 9.2% less than in the same period last year. On the other hand, since January 438,608 pensions have dropped, 13.6% more than the previous year.

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