Average pension to exceed 1,000 euros in all regions of Spain in 2024

In 2024, the 3.8% increase in contributory pensions will propel the average monthly retirement income in all provinces of Spain past the 1,000 euro mark. This welcome boost will translate into an additional monthly income of 49.02 euros for retirees in Las Palmas de Gran Canaria and 47.45 euros for those in Santa Cruz de Tenerife.

Until now, Ourense, in the northwest of Spain, was the only province not reaching this milestone, settling at 983.77 euros a month. Despite experiencing the lowest average increase at 37.38 euros per month, Ourense will now see its pensions rise to 1,021.15 euros. This calculation is based on the confirmed government increase tied to November's Consumer Price Index (IPC), which is applied to the latest pension payroll data from the Ministry of Inclusion, Social Security, and Migrations.

Beyond other contributing factors, the 3.8% pension increase for the coming year, when applied to the average amounts from November as published by the Ministry, results in substantial improvements. For instance, pensioners in Bizkaia can expect an increase of up to 65.33 euros, while those in Álava-Araba will see a boost of 64.68 euros. This compares favourably with the 37.38 euros for Ourense or 39.98 euros for Lugo, contributing to a national average increase of 52.35 euros.

Regions with the highest pension increase:

Looking at regional impacts, retirees in the Basque Country will enjoy an average increase of 64.12 euros per month, followed by Asturians at 62.40 euros and Madrid residents at 60.49 euros. Meanwhile, pensioners in Extremadura will receive an additional 43.75 euros per month, Galicians 44.54 euros, and Murcians 46.86 euros.

This significant upward adjustment in pension values reflects the government's commitment to improving the financial well-being of retirees across the country, ultimately bringing greater financial stability to the elderly population.