Alex Trelinski
PENSIONERS in Spain are 6.4% better off than their EU counterparts according to figures compiled by Eurostat.
That’s in contrast to the working population which gets lower wages compared to the rest of the EU.
The Eurostat numbers dating back to 2023 have been analysed by the BBVA Foundation and the Valencian Institute of Economic Research (Ivie) in a study of elderly people’s incomes in Spain.
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The report says the median income for retirees in Spain is €19,320 euros as opposed to €18,152 in the EU.
For people between 18 and 64 years it stands at €19,545, below the €21,092 average EU figure.
The 6.4% pension differential in 2023 is the last year where full figures were available, according to the El Mundo newspaper.
The previous year, the gap was just 2.1% in favour of Spain but in 2023, the government approved a 8.5% state pension rise due to the inflation spike caused by the Ukraine war.
Back in 2011, Spain’s pensioners lagged by 2.8% in comparison with the EU.
The Ivie report also shows that part-time employment when reaching 65 years is lower than in the rest of the Euro bloc.
It states that since pensions in Spain are more generous, people are quicker to grab retirement.
The study adds that changes in the state pension retirement age to promote ‘active retirement’ are yet to have a major effect compared to the country’s European neighbours.
