Inflation: increase of pensions and Social Support Index updated in 2023

The government will update the values of the increase in pensions and the Social Support Index (IAS), based on the final values of inflation for 2022. The increase comes into force on January 1st, 2023.

The IAS for 2023 will have an 8.4% increase, rising from 443.20 euros to 480.43 euros. This increase will be reflected in the value of social benefits and subsidies that have the IAS as a reference, such as family allowance or unemployment benefit, among others.

The values of the pension increases will be as follows:

• pensions up to 2 IAS (inclusive) - 4.83% increase
• pensions between 2 and 6 IAS - increase of 4.49%.
• pensions between 6 and 12 IAS - increase of 3.89%.

This update has an additional cost of 110 million euros, to be added to the 1,155 million euros already foreseen.

Source: Government Portal