What is the cost of non-contributory pension?

Most Spaniards worry about their retirement. Will I have enough work to be eligible for a pension? A minimum of 15 years work is required to qualify for a contributory pension. The Institute for the Elderly and Social Services, (Imserso), offers benefits for those who have not worked for that amount of time. This aid is funded by the General Treasury of Social Security.

These non-contributory retirement pensions are for people who don't have the right of a contributory pension. Beneficiaries of this scheme are fortunate, as the amount they receive for the concept will rise by 15% starting in July. This is because the law on employment pensions plans was approved by the Congress of Deputies. The increase will be effective between July 2022 and December 2022.

This type of non-contributory pension is not only more attractive than the 15% increase in money received up to now, but it also has more benefits for its beneficiaries. It is because, in addition to the monthly payments, it also includes two additional payments, one at Christmas and one at summer.

Non-contributory pensions can be accessed by those who have not contributed at least 15 years to Social Security. But, this does not mean that you do not need to meet other requirements. First, you must not have income exceeding 5,899.60 euros per annum if you live together or with your blood relatives. This figure increases to 10,029.32 euros for two cohabitants. For more cohabitants.

If the cohabitants are parents/children, the person who requests the non-contributory retirement pension will not be allowed to earn more that 25,073.30 euros a year. This figure can increase if they share their income with more people. Contributory pensions are available to people who have been in an accident, suffered from a common illness, or have not contributed to Social Security for 15 years or more.