Escrivá confirms that the pensions of Spanish retirees will rise in 2022 just over 2%

Finally, José Luis Escrivá, Minister of Inclusion, Social Security and Migration, has confirmed what was already an open secret. In the absence of refining the figure, the contributory pensions, which correspond to the retired population, will rise in 2022 just over 2%, “one tenth more, one tenth less.”

This has been indicated by the minister in his explanation of the impact of the General State Budget project for 2022 on the policies of his department. By then, the automatic revaluation of pensions will have been launched, which has yet to be approved by Congress, although it is assumed that it will have a green light.

The formula for the increase is the twelve-month average inflation from November to November of the year prior to the revaluation of pensions. By 2022, with this calculation, the rise will be “a few tenths higher than 2%”.

On the other hand, for non-contributory benefits (including pensions in this category) or the Minimum Living Income (IMV) has confirmed the expected rise of 3%.

In addition, Escrivá has reported that, with the contributions of the State, the Social Security deficit will be ended in two years, thanks also to income in quotations, which is reaching a record level. “We expect the practical budget balance at the end of the legislature.”

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