As of January 1, 2025, contributory pensions will rise by 2.8% as of January 1, 2025, while minimum, non-contributory and maximum pensions will rise above said value. Now, Although the increase will be effective until January 1, it will not be until the end of the month when pensioners receive their first income with the increase already applied, as regulated by the General Law of the Social security.
Furthermore, before the increase and as is customary every year, Social Security will send a letter during the first half of January, informing about the increase in the pension for 2025. The letter will not reflect the amount for each retiree. or pensioner, but contributory pensions will be revalued by 2.8%, while minimum, non-contributory and maximum pensions will increase above this value, which are yet to be confirmed.
Although the increase will take place starting January 1, you should know that All Social Security benefits and pensions are paid in arrears.
When are pensions collected?
According to the Social Security website, Pensions are paid in arrears, and must be available in the pensioner’s account on the first business day of the month in which the payment is made and, at the latestbefore the fourth calendar day thereof. This means that the law guarantees that, by February 2025, the pension money will be in the pensioner’s account no later than February 3, depending on whether or not there are holidays.
Although this is established by regulations, most banks and financial entities usually pay pensions between the 23rd and 27th of each month. Therefore, it is estimated that the first payment with the increase applied will be made between Friday, January 24 and Monday, January 27. Even so, these dates could vary, since some of those days coincide with the weekend.
For this reason, although pensions are revalued on January 1, 2024, it will not be until the end of the month when the first income is received.