Monthly Pension Spending Exceeded $10.15 Billion, A New Record

2021-05-25   |   by CusiGO

Pension income rose for 12 consecutive months, setting a new record. In May this year, social security expenditure was 101.54 million yuan, an increase of 3% over the same period last year. This amount continued to rise as more taxpayers and the average pension in Spain increased to 1032 euros per month, an increase of 2.2% over may 2020.

In the past decade, the wage growth of these contributions has been unstoppable due to the growth of pensioners, especially the rising cost of benefits. People who join the system pay more than those who cause casualties. However, by 2020, there will be a large number of elderly deaths, especially the state’s administrative concerns about the delay of new discharge management, which will lead to an anecdotal decline in pension expenditure in May, To a certain extent, this explains the reason for the sharp increase in annual expenditure in May this year. From January to April 2021, the expenditure increased by 2.3% to 2.6% year on year, far less than 3%.

Pensions – more than 6 million people, two-thirds of taxpayers – were the fastest growing last year. Its total expenditure increased by 3.6% to $7.3 billion. In May, the average retirement salary was 1188 euros a month, slightly less than 2.3%. The increase in retirement expenditure is due to a significant increase in the number of pensioners, with an increase of 250000 (1.23%).

Other benefits also continued to rise. A pension of 1.74 billion euros was provided for widows, an increase of 2.5% over may 2020, and the average wage was 739 euros, an increase of 2%. On the other hand, the total wage of permanent disability benefits was 942 million euro (0.2%), with an average of 994 euro, an increase of 0.8%. Orphans accounted for 142 million euros (2.3%) – 416 euros per capita, an increase of 1.7% over a year ago – family allowance was 26 million euros (3.2%), and the average wage was 603 euros, an increase of 2.26%.