With the arrival of the end of the month of November, there are already many pensioners and retirees who look at the calendar with double joy, since they want to know when their pensions and extra Christmas pay are collected. Although the Social Security regulations are to always pay pensions in arrears, it is also true that most banking entities such as Caixabank, Santander, ING or BBVA usually advance the collection date to the 22nd and 26th, in this case November.
According to data from the Ministry of Inclusion, Social Security and Migration, during the month of October, Social Security paid more than 10.3 million pensions on this month’s payroll for more than 9.3 million pensioners. This month, the payroll will be double, since the extraordinary pay is paid, it is the same amount as the ordinary payroll. Now, we must remember that Not everyone will receive it and others will receive the proportional part.
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Banking entities can advance the pension thanks to what is known as the “single centralized account” of the General Social Security Treasury (TGSS). This is an account that allows banks to know several days in advance who are the beneficiaries of Social Security pensions and benefits, as well as the amount to be collected. This way they can advance the entry several days before.
Pension collection date in November according to the bank
Social Security will pay November pensions between December 1 and 4, since it is in arrears. However, some banking entities usually advance the payment of the pension and make the payment between Saturday, November 22 and Wednesday, November 26.
- BBVA: Starting Monday, November 24
- Bankinter: Starting Friday, November 21
- Santander: Starting Saturday, November 22
- CaixaBank: Starting Monday, November 24
- Cajamar: Starting Monday, November 24
- Ibercaja: Starting Monday, November 24
- ING: Starting Monday, November 24
- Unicaja: Starting Monday, November 24
- Abanca: Starting Monday, November 24
- Kutxabank: Starting Monday, November 24
- Sabadell: Starting Monday, November 24
Which pensioners do not receive extra Christmas pay?
Permanent disability pensions resulting from a work accident or occupational disease will not be received. At this point it must be clarified that it is not that they do not have the right to extra pay, but that these are collected on a prorated basis.
Those pensioners whose pension has been temporarily suspended during the accrual period will also not collect it. On the other hand, pensioners who have not generated the entire accrued period, which is six months (June 1 to November 30), will not receive it “in full” either.
How can the pension be collected?
Social Security allows pensioners to collect their pensions in different ways. The most common is through banks, rural savings banks, savings banks or credit unions. These beneficiaries can receive the payment in their checking accounts or savings accounts, individually or jointly.
Another way is the management of payments through social graduates, who, with the consent of a financial entity, coordinate the payment of pensions. Finally, those pensioners who live in Social Security centers can receive payments directly through the administrators of those residences.