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This Tuesday, the Council of Ministers will approve the Royal Decree by which contributory pensions rise by 2.5% in 2022. The minimum and non-contributory will be increased by 3%, as was included in the General State Budget and the first part of the pension reform, in force since January 1.

As announced last weekend by the Prime Minister, Pedro Sanchez, The Executive will allocate a total of 6,500 million euros to “dignify” the pensions in the elderly. This amount includes the cost of the compensatory payment to pensioners for the deviation of prices in 2021 with respect to the initial rise (0.9%) and whose cost exceeds 2,000 million euros.

The increase in contributions responds to the new formula contemplated in the pension reform and in which the CPI is taken into account to avoid losses in purchasing power. Let us also remember that with this new method, the compensatory payment for the price deviation of 2021 will be the last that pensioners receive, because as of this year their pensions are already updated with the CPI.

Specifically, this 2.5% increase is the result of the average CPI between December 2020 and November 2021. Class pensions liabilities also rose 2.5% this year.

How are the pensions?

With the 2.5% increase in contributory pensions, the minimum pensions of this modality will increase approximately between 10 and 59 euros per month, depending on the type of pension and personal circumstances.

The complete table of pensions in 2022 will be as follows:

When are pensions paid?

In general, the Ministry makes these deposits in the banks between the 25th and 28th of each month. That is, during this week. Regardless of the dates of the administrations, each bank can choose to advance or delay a few days, so it will be advisable to review it in the days before and after the common date of each month. From the entities they encourage customers to view it in digital applications before at ATMs to avoid crowds and theft risks.

The banks that usually advance payments are CaixaBank, Santander and Bankinter, which usually make the deposit on the 23rd of each month, although it is possible that on this occasion it begins the week of December 20. While others such as Unicaja, Sabadell, BBVA, ING, Abanca, Liberbank and Cajamar tend to respect the Social Security deadlines and fall behind.

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