Sunday, October 1, 2023

This is how your pension will increase in 2024 if you receive a disability pension: How much will it increase each month?

The revaluation of pensions according to the Consumer Price Index (CPI), which began in 2023 with the aim of compensating for the loss of purchasing power of pensioners caused by inflation and the economic consequences of the war in Ukraine, will be maintained for 2024.

In this sense, the pension reform promoted by the Ministry of Integration, Social Security and Migration includes an increase in both contributory pensions, the revaluation of which will be about 4.7% at the expense of knowing the final data for November, and non-contributory pensions (521, 42 euros monthly or 7,300 euros annually) for 2024.

An increase that will also be carried out between the years 2024 and 2027, when the gradual increase in the amount reaches 75% of the poverty line, calculated for a household in which only one person lives. For the coming year, the pension withdrawal amount will be increased in order to reduce the existing gap by 20%. This percentage will be 30% in 2025, 50% in 2026 and will be increased in 2027 if necessary until the above threshold is reached.

In this way, the minimum pension for absolute or total permanent disability for a dependent spouse in 2024 is 1,178.50 euros, instead of the 996.18 euros set for this year 2023, for a dependent spouse, a total of 16,499 euros per year. In this way, the average increase in non-contributory pensions is expected to increase by 521.42 euros per month or 7,300 euros annually by 2024, i.e. by 10% per year.

Likewise, the percentage remains the same for 2025 but increases for 2026 from 564.28 euros per month or 7,900 euros per year, while for 2027 it is 592 euros per month or 8,250 euros per year. The disability pension is an economic benefit intended to compensate for the loss of income of an employee if his or her ability to work is restricted or eliminated due to illness or accident.

22% increase by 2024

According to estimates by the Ministry chaired by José Luis Escrivá, the average increase in this type of pension will be 22% from January 1 next year. Pensions due to permanent disability also benefit from this, as their maximum amount could rise to 3,800 euros per year between 2024 and 2027 in the best case scenario.

Nation World News Desk
Nation World News Desk
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