Spain’s budget for 2023 brings good news for pensioners

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All historical records for budget spending in Spain will be broken next year.

The proposed General State Budgets of 2023 were adopted by the Spanish government on Tuesday, October 4. This plan is the most ambitious in Spanish history and includes 266 billion euros in social expenditure alone as well as many initiatives to lessen the effects of the continuing financial crisis.

After the meeting, Mara Jess Montero, the minister of finance, emphasised that the goal of this budget is to get through this time of "enormous uncertainty" brought on by the war in Ukraine while providing "security and stability" to families and conveying a "clear message" to other countries about the strength and vitality of the Spanish economy.

The figures are based on a 2.1% growth prediction for the following year and include previously approved measures like a wealth tax on entities with such a net worth of more than $3 million, an income tax break for those making less than 21,000 euros, and an enhance in corporation tax for larger companies.


The CPI for November, which is anticipated to end the month at 8.5%, will be reevaluated and adjusted for in both contributory as well as non-contributory pensions the next year. Pension payouts will increase significantly as a result.

Free travel

For individuals who reserve their regular passes in advance, all Renfe commuter and medium-distance trains will continue to be free throughout 2023. Before the year is up, the additional travel discounts will be evaluated.

Plan for an affordable rent

The Minister unveiled two housing-related policies. The first is that the present assistance programme, which provides 250 euros per month to low-income individuals between the ages of 18 and 35, would be extended for the entire 2019 fiscal year at the cost of 200 million euros.

A new, 260 million euro "sustainable rental" programme will also be launched. This scheme's finer elements haven't been made public.

Continuity and IMV

600 million euros will be committed to a shock plan to address Spain's healthcare issues, which aims to shorten waiting lines and introduce new perks and services.

The IMV will indeed be adjusted in the same manner as the pension.

The green agenda

Again, the specifics are hazy, but the administration has reaffirmed its dedication to expanding low-emission zones, safeguarding forests and the environment, and putting a special emphasis on building additional bike lanes.

Child benefit is paid

Once the adult has enrolled for Social Security or has received unemployment benefits, parents of children under 3 will be eligible for a 100 euro per month child-rearing stipend.

Motherless women

The same privileges presently granted to large families will be available to single moms with two children starting in the following year.

Public employees

Up to 2024, the maximum wage rise for civil officials will be 9.5%.

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