November inflation (6.8%) confirms the increase (+8.5%) in pensions in 2023: 3,059 euros for the maximum and 966 euros for the minimum.


Pensions will rise by 8.46% in 2023. The INE has published the final CPI figure for November, 6.8%, and the average for the last 12 months is now 8.46%, a figure that was already announced a fortnight ago and which will be used to calculate the revaluation of nine million pensions next year. In this way, the maximum pension will be 42,829.29 euros per year (3,059.2 euros per month in 14 payments) and the minimum pension at the age of 65 will be 13,521.71 euros (965.8 euros per month in 14 payments).

The figures are those already calculated on the basis of the advanced CPI (which does not usually deviate by more than one tenth of a percentage point, which limits the margin of error to an annual average) and are almost to the millimetre close to those foreseen by the Treasury technicians when drawing up the General State Budget. In their budget plan, they already calculated an 8.5% update.

The revaluation of pensions based on the CPI has been a decision of the Executive, which modified the formula in force that raised pensions each year according to the forecast CPI and, one year later, compensated pensioners for the deviation with the so-called “paguilla” in January. As a novelty for next year, this revaluation will affect all pensions in force on 31 December 2022, as with previous updating formulas, the compensatory payment was given to those in force one year earlier.

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