Retirement pension is calculated taking into account Social Security contributions throughout working life. Therefore, the better the remuneration of the jobs, the better the pensions in a given territory.
The average retirement pension in the Canary Islands reached 1,331.01 euros per month this August, its historical maximum and 5.2% more than last year, according to the latest report from the Ministry of Social Security in this regard.
By provinces, the average of Las Palmas (1,352.65 euros) is slightly higher than that of Santa Cruz de Tenerife (1,307.71 euros). Meanwhile, the average pension in Spain stood at 1,444.27 euros.
By autonomous communities, the lowest average pension is found in Extremadura (1,213.69 euros), while the highest is located in the Basque Country (1,765.39 euros).
In addition to Extremadura, the average pension is lower than in the Canary Islands in the regions of Murcia (1,295.76), Galicia (1,232.62), Andalusia (1,306.01) and the Valencian Community (1,325.15). In the Balearic Islands, (1,332.57) is practically identical to that of the Canary Islands.