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2 - Pensions in Spain
Requirements
• You need be affiliated with Social Security in one of the arrangements contemplated (General Scheme, Special Scheme for Sea and Mining, Special Scheme for Self - Employed, etc.)
• Meet the minimum age of retirement. As discussed above, generally, they are the 67 years.
Amount of pension
The initial amount of the pension, in principle, does not change throughout the life of the retiree, beyond the increases established by the Social Security or the corresponding Ministry in relation to the Index of Consumer Prices.
For the calculation of the amount, are considered the basis of salary for the last 15 years of the worker. The basis of the last 2 years (24 months), are used as the reference period and counted at face value. The bases of the remaining months are updated according to the evolution of the Consumer Price Index. The sum of the amounts of each month (180 in total) are divided between 210 (12 + 2 extra payments in 15 years) and the result is the regulatory basis for the amount of the pension.
To know the amount of the pension, you must know the years of contributions, since depending on the years of contributions, a legal rate is applied according to the following table:
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