Spain spent 12 percent of GDP on pensions in past year

Some 12 per cent of GDP was spent on pensions in the past year. The average pension for a man is just over €1,250 while a woman’s pension is roughly €830.

Social Security estimates that spending on pensions in Spain stands at 12 per cent of gross domestic product (GDP) between the last quarter of 2020 and the third of 2021, according to payroll data for September 1, 2021.

The figure is lower than the 12.4 per cent of 2020, in which GDP was impacted by the Covid-19 pandemic, and slightly exceeds the 10.9 per cent of 2019. The estimated expenditure for 2021 represents an increase of three per cent compared to 2020, in line with the advance in the Budgets.

On August 1, 55,754 pensions received the supplement for gender gap, with the objective of gradually correct the difference that occurs between the average pension received by a man (€1,257.73) and that received by a woman (€834.33) in Spain.

The average retirement pension from the General Scheme was €1,338.34 per month, while the lowest was recorded by the Self-Employed Scheme, of €794.63 per month. In Coal Mining, the average monthly retirement was €2,331.36 and €1,326.56 in the Sea Regime.

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