In June 2023, Social Security was forced to allocate more than double the State’s defense budget, with a total of 25,171.5 million euros spent on the payment of the contributory pension payroll. This includes a monthly disbursement of 12,751.5 million euros and an additional 12,420 million euros for summer pay. These figures reveal that the pension system expenses are significantly larger than other items in the General State Budget.
The amount spent on pension payments in June is a substantial increase compared to previous years. This amount is four times what was paid in 2005 and double the amount paid in June 2015. The annual revaluation of pensions, which was 8.5% in 2023, has contributed to this growth rate. The current obligations with pensioners now exceed the annual budget for Defense spending and other public coverage programs.
The average pension in June was 1,254.6 euros, a 5% increase from the previous year. The extra payment received by over 10.1 million pensioners averaged 1,224.6 euros, a 4.9% increase from the previous year. The retirement pension averaged 1,441.8 euros, with the general regime pension reaching over 1,600 euros for the first time despite ongoing deficits, Social Security continues to receive transfers from the Central Administration to support
