The month of November is very important for the vast majority of pensioners, as it will arrive with an anticipated incentive: the so-called Christmas ‘extra pay’, which, in the month of June, are the two largest and most anticipated of the year for this group.
Thus, a good part of people who receive a pension in Spain will receive double what they receive in a normal month, since one more monthly payment is added to the amount of the standard pension for this extra Christmas payment.
Under Social Security legislation, many pensions are collected in 14 payments. It is the reason that these two extra payments mentioned above are added to the monthly pension. Specifically, pensioners who receive contributory pensions for retirement, permanent disability due to a non-work accident or common illness, widows, orphans and in favor of relatives will receive this extra payment in November.
Together with them, two groups that receive non-contributory pensions (those of workers who have not contributed enough for the contributory ones): those for retirement and disability, which will also have extra Christmas pay.
All these groups will see their pensions paid (and the amount of the pay) at the end of November, around the 23rd, 24th and 25th of the month. These are dates slightly in advance of what is required by law (between the first business day and the fourth calendar day of the month), an advance that banks have implemented as a custom, especially after the toughest months of the coronavirus pandemic.
How much money is charged in the extra Christmas pay of pensioners
In order to know what money they will receive, pensioners must know that the amount is the same as that of a normal month. Thus, if in any given month they receive (for example) 900 euros of pension, they will receive double in November: 900 euros of the pension they receive every month and another 900 of the extra pay for a total of 1,800 euros.
And, how to calculate the amount of the pension? The one in which it takes into account the years worked by the contributor and the contribution bases of the last 24 years to calculate the regulatory base that will mark the possible maximum amount of the pension.
Adding the contribution bases of those last 24 years () and dividing them by 336 (the divisor will be 350 in 2022) will have the regulatory base. If there are periods without contributions, employees may use gap integration to fill those gaps with fictitious contributions of the minimum base for 48 months and 50% of the minimum base for the following months.
With this regulatory base, the worker only needs to know what percentage of it he will receive. For 15 years of contributions, you will be entitled to 50% of the regulatory base, and thereafter for each of the first 106 months you will add 0.21% of the regulatory base, while for each of the following 146 months you will have a 0.19% more. With 36 years of contributions, the worker will be able to collect 100% of his pension.
Limits are applied to this method, both high and low. Thus, there is one of the pensions (situated at 2,707.49 euros per month) and which depend on the type of pension and which were updated in January with which it rose.
By 2022, a regulation that is part of the changes of the Ministry of Inclusion, Social Security and Migrations will enter into force. Thus, taking into account the accumulated inflation up to the month of November, contributory pensions will be raised automatically in January. The minimum and non-contributory pensions will rise above the CPI, a .
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