The increase in pensions in 2024 will be 3.8%, once the November inflation data (3.2%) was advanced this Wednesday, which allows calculating the revaluation for the coming year.
3.8% is the increase that will be applied to contributory pensions, while the minimum and non-contributory pensions will increase above that figure, as stated in the last block of the pension reform. The average pension will increase by 52 euros per month.
According to the 2021 reform, the annual revaluation of pensions is calculated with the average of the year-on-year inflation rates of the twelve previous months until November.
The Ministry of Inclusion, Social Security and Migration has indicated this Wednesday that, although the final inflation rate will be known on December 14, given the coincidence that usually exists between the advanced and the final data, the initial estimate of the increase in pensions in 2024 would be 3.8%.
Labor will take that 3.8% increase to the SMI table
This increase will also be the one defended tomorrow by the Ministry of Labor at the social dialogue table to negotiate the minimum interprofessional wage (SMI) for 2024.
The Second Vice President and Minister of Labor, Yolanda Díaz, assured last week that the SMI must maintain purchasing power and increase in line with the average CPI rate between December 2022 and November of this year, which she estimated then would be between 3.7% and 3.8%.
The meeting will be attended by a business association that defends a 3% increase for the coming year (plus another 3% for 2025) and unions that describe the proposal as "insufficient" and ask that the inflation of basic products, such as food, which is much higher, be taken into account.
