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Spain’s Pension Spending Reaches Record €13.515 Billion in April

Government revaluations and reforms drive higher average pensions and later retirements as fiscal pressures mount.

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Overview

  • April 2025 marked the first time Spain’s contributory pension spending exceeded €13.5 billion, reaching €13.515 billion.
  • The average pension rose over 4% from March to €1,503.3, reflecting a 2.8% general revaluation and 6–9% increases for minimum pensions.
  • Retirement pensions accounted for 75% of the total spending, totaling €9.882 billion, a 6.2% increase from April 2024.
  • New retirements in early 2025 averaged €1,600.2 monthly, with €1,703 in the General Regime, as 11.2% of retirees deferred retirement, more than double the 2019 rate.
  • The average retirement age climbed to 65.1 years, up from 64.4 in 2019, driven by 2022 reforms incentivizing delayed retirements and limiting early retirements.