July 13, 2024 | 5:41

Bizkaia

Bizkaia pensioners benefit from an increase in the extra pay for June

Jesus Carames

May 23, 2023 | 8:30 p.m.

The retirees of Bizkaia will receive a pleasant surprise this summer of 2023, since the amount of the extra pay for June has experienced a significant increase. This change is driven by the recent pension reform that has led to an increase in payments to pensioners.

A welcome change in the pension system

The Social Security system, in charge of administering pensions, provides that pensioners, whether retired or disabled, receive 14 annual payments. This includes one regular monthly pay and two extra pays distributed in June and November.

The pension reform, approved in December of the previous year, has facilitated a 8,5% increase for contributory pensions and 15% for non-contributory ones, as established in the General State Budget (PGE). This increase also extends to the bonuses of 2023, which is undoubtedly excellent news for retirees a few weeks away from receiving their summer bonus.

The impact of the reform on extra pay

The General Social Security Law establishes that only those who receive a pension for permanent disability derived from a work accident or occupational disease receive their payment in 12 annual installments. Despite this, it does not mean that your pension is lower, simply that the extra payments are distributed throughout your ordinary monthly payment. The rest of the pensioners do enjoy the 14 annual payments, including the extras, which usually arrive at times of high expenses such as summer and Christmas.

Increase in the amount of extra pay from 2023

The extra payments, established by law, correspond to the same amount as an ordinary monthly payment. This means that pensioners with a pension of 1.000 euros will receive an extra payment of the same amount in June, for a total of 2.000 euros.

With the new pension reform, the average pension in Spain has increased by 116 euros per month compared to the previous year. This results in an increase of 232 euros in the extra pay for June, a significant increase that pensioners will be able to enjoy every summer. However, the exact amount will always depend on the personal situation of each individual.

The usual day to receive the extra pay is June 25 and November. However, this year June 25 is a holiday, so the date to receive the extra summer pay in 2023 will be June 26, although banks have the power to advance that date.

More news