Spain: Pension Payouts And Registrations Fall After Coronavirus Crisis Hits Elderly
The coronavirus crisis has triggered an historical drop in the number of state pensions paid out in Spain in May, in part because of two months of high mortality caused by coronavirus.
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- Some 9,754,137 contributory pensions were paid out in May, 38,508 fewer benefits than were paid out in April.
- The fall has triggered an unprecedented drop in Spain’s monthly pension bill. In May, it fell by 0.3% to 9.8 billion euros, according to Spain’s Ministry of Social Security.
- Contributions have fallen for the past three months, while registrations have also fallen. The consecutive three month fall is the first on record, El Pais reports.
- The winter months and flu season also causes a slight fall in pension contributions, according to El Pais, but this month’s fall of 38,500 is unprecedented.
- Spain has one of Europe’s oldest populations, with 17% of the population aged 65 and over, according to government figures.
- The fall in payouts is not only caused by COVID mortality, but because Social Security offices were closed as Spain declared a state of emergency in March.
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