Many pensioners eagerly await the arrival of their extra year-end payment scheduled for the last days of November. According to experts' estimates, the revaluation of contributory pensions for 2025 could be around 3.06%. However, the confirmation of this figure will depend on the official inflation data to be published by the National Institute of Statistics on the scheduled dates.
The new model seeks to adjust pensions to the cost of living more fairly and sustainably, allowing pensioners to maintain their purchasing power against inflation and distortions from seasonal peaks. Following the pension reform approved in 2023, contributory pensions in Spain are adjusted annually based on the year-on-year average of the CPI.
The projected increase for contributory pensions will depend on the average CPI calculated between December 2023 and November 2024. It is estimated that the CPI could reach 2.7% in September, approach 2.9% in October, and rise to 3.3% in November, subject to confirmation by the final data from the INE.
Apart from contributory pensions, non-contributory pensions have also experienced improvements, although their adjustment does not follow a fixed model linked to the CPI, depending more on specific political decisions that grant them greater flexibility in adjustments.
In January 2024, the increase was 3.8%, and a rise of 3.06% is expected if inflation remains stable. Although the definitive figure will be known at the end of November, current forecasts provide clues about what the increase could be, estimating that inflation will remain around 3% in the key months for the calculation.
