Spain's average pension stood at €1,577.6 a month in October. At the current 2027 estimate, that figure would climb by €70.9, to €1,648.6 a month.
The increase is still provisional. After October's inflation reading of 4.9%, the average CPI figure used in the calculation stood at approximately 3.47%. The INE's advance estimate, published on 30 October, put annual inflation at the same rate as in September, while the monthly CPI rose by 0.7%. The annual pension-indexation reference covers the 12 months from December 2025 to November 2026.
The National Statistics Institute (INE) is due to publish an advance figure for November CPI on 27 November, with confirmation scheduled for 15 December. November is the final month in the statutory average, so the final adjustment will be set once that figure is included. The rate applies to contributory pensions from January 2027.
On the prices recorded so far, the 2027 rise is projected here at about 4.5%. Estimates cited by Diario AS, based on CPI readings before November, placed the possible increase nearer 3.5%-3.6%; the eventual percentage still depends on November's data. The 2027 projection compares with a 2.7% increase in 2026, a difference of 1.8 percentage points if the rate reaches 4.5%. Under the current 4.5% estimate, the average pension would increase by about €572 a year, or roughly €40.85 per month across 14 payments.
Contributory pensions are revalued under Article 58 of Spain's consolidated General Social Security Law, as amended by Law 21/2021 of 28 December. The formula links the annual adjustment to average inflation over the 12 months preceding December. The law established automatic CPI-based indexation to protect pension purchasing power; minimum and non-contributory benefits are covered by separate enhancement rules, including those associated with Royal Decree-Law 2/2023 of 16 March.
First Vice-President and Minister for Economy, Trade and Business Carlos Cuerpo has said he considers it feasible for the government to approve the pension-updating decree in December, even if it is in a caretaker role after the 29 November general election. The statutory revaluation remains due under the existing formula during a caretaker period. The decree could be approved before the new Cortes are constituted on 23 December or afterward by the incoming administration. Pensioners are expected to receive the revised amounts in January 2027.
