Pensions to increase by 1.2% in January 2011

Eight and a half million pensioners should see an increase in their pensions of around 1.2% as from January 2011. This is because inflation increase in the month of November was 1.2 points above the predicted figure.

The Spanish Social Security system provides for payment of pensions in 14 instalments per year and provides for compensation if inflation exceeds the revalued pension rate.

The compensation package will cost around €2,472 million.

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