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Spanish pensioners in clover

Hand put coin in blue piggy moneybox, which stay on other coinsAS we read so often, millions of British pensioners are struggling to live on their state pensions.

But Spain’s old folk have no such worries. According to the Spanish Social Security, 8.04 billion euros was paid out in pensions last month – a 3.1% year-on-year growth.

​In Spain the average retirement pension is 1,001.93 euros – 2% higher than in the same period last year.

The average pension from the Spanish Social Security system as a whole, which includes all the various types of pension available (retirement, permanent disability, widowhood, orphanhood, and those paid out to relatives), was 872.48 euros per month, representing a year-on-year increase of 1.7%.

In the UK the pension is 113 pounds, but that’s only if you have paid in for the full 30 years.

There is no flat pension rate in Spain – it is index-linked to the local cost of living. For example, a standard retirement pension in Madrid is close to 1.100 euros per month, while in the Canary Islands that figure drops to just 825 euros.

The total number of contributory pensions in August stood at 9,218,521, which equates to a year-on-year increase of 1.4%.

More than half of these – 5,570,406 – are retirement pensions, while 2,350,364 are widowhood pensions, 930,110 are permanent disability pensions, 329,130 are orphanhood pensions and 38,511 are pensions paid out to relatives.

Spain has a reputation for looking after its old folk and, with the economy improving, there is no sign of the pensioners being short-changed.

 

 

 

Short URL: http://www.canarianweekly.com/?p=23528

Posted by on Aug 29 2014. Filed under Local News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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