More than nine million Spanish pensioners face the final weeks of 2026 waiting to find out how much their benefits will increase next year. The Government has already started the procedure to approve the revaluation of pensions in 2027, which will be calculated again in accordance with the evolution of inflation to protect the purchasing power of beneficiaries.
Although the final percentage is not yet known, the latest data published by the National Statistics Institute (INE) and economic forecasts make it possible to anticipate that contributory pensions could rise by around 3.6% as of January 1, 2027. This is an estimate, not an official amount, which will have to be adjusted when the CPI corresponding to the month of November is known.
The Council of Ministers took the first step last November 13, when it approved the urgent processing of the regulations that will make it possible to update public pensions. The measure will affect the contributory benefits of retirement, permanent disability, widowhood, orphanhood and in favor of relatives, as well as the pensions of Clases Pasivas, in accordance with their respective rules.
The increase will be calculated using the average of the year-on-year IPC rates recorded between December 2025 and November 2026, as established by Law 21/2021, which guarantees the purchasing power of pensions. This means that inflation from November alone or the rate with which December ends is not used exclusively, but rather the twelve-month average.
According to the INE, October inflation stood at 4.9%, the same rate recorded in September. With the eleven known months, the relevant average for the revaluation reaches approximately 3.47%. In addition, the updated forecasts from Funcas, released on November 13, place November’s CPI at the 4.6%, which would bring the period average to approximately 3.57%, that is, an increase close to 3.6% if rounded to one decimal place.
How much would your pension rise if you receive 900, 1,200, or 1,500 euros
Taking as a reference an estimated 3.6% revaluation, the amounts pensioners would receive would vary depending on the current amount of their benefit. The following examples correspond to ordinary contributory pensions expressed in gross amounts and distributed across 14 annual payments.
| Current pension | Estimated pension in 2027 | Increase per pay | Annual increase |
|---|---|---|---|
| €900 | €932.40 | +€32.40 | +€453.60 |
| €1,200 | €1,243.20 | +€43.20 | +€604.80 |
| €1,500 | €1,554.00 | +€54.00 | +€756.00 |
Simulation with an estimated revaluation of 3.6% and 14 annual payments. Gross amounts. The final 2027 increase is not yet official.
Thus, a person who currently receives 900 euros per month would go on to receive 932.40 euros, which would mean an additional 32.40 euros per pay and an increase of 453.60 euros over the entire year.
In the case of a pension of 1,200 euros, the benefit would reach 1,243.20 euros, with an increase of 43.20 euros per pay. This would represent an additional 604.80 euros per year if the 14 monthly payments are maintained.
For those who receive 1,500 euros in pension, the amount would rise to 1,554 euros, that is, 54 euros more per pay and an additional 756 euros per year.
These amounts reflect the gross increase. The money that finally reaches the bank account may vary due to the IRPF withholdings that apply in each case. In addition, the figures could change slightly if the official revaluation is set at a different percentage than the estimated one.
Minimum and non-contributory pensions will have a different increase
The general revaluation will not necessarily be the same for all beneficiaries. Minimum and non-contributory pensions will have additional increases, as confirmed by the Ministry of Inclusion, Social Security and Migration.
This difference responds to the objectives established in the reform of the public pension system, which includes progressive increases in the lowest benefits to reduce the distance from the poverty threshold.
Therefore, a person who receives 900 euros and has been granted a minimum pension could experience an increase different from that of the previous example. The amount will depend on the pension type, age, family charges and the conditions established for each benefit.
Non-contributory pensions, aimed at those who have not contributed enough to access a contributory pension and who meet certain economic requirements, will also continue on their own schedule of updates.
The Government will have to specify these amounts in the 2027 revaluation rules. Until then, it is not possible to establish exactly how much each beneficiary of a minimum or non-contributory pension will receive.
When will the final increase of the 2027 pensions be known?
The key date will be November 27, 2026, when the INE publishes the advance indicator of the CPI corresponding to November. With that information, an estimate very close to the final revaluation percentage will already be able to be calculated.
However, it will be necessary to wait until December 15, when the publication of the definitive inflation data for November is scheduled, to close the calculation that will serve as a reference for the update.
The increase will be applied from January 1, 2027, so pensioners will begin to receive the new amounts in the first payroll of the year. There will be no need to submit any application: Social Security automatically updates the pensions that must be revalued.
It is also worth remembering that most pensions are paid in 14 installments, with two extra monthly payments in June and November. However, certain benefits derived from an accident at work or an occupational disease are paid in twelve monthly installments, because the extra payments are already prorated.
With the data available in mid-November, the scenario of an increase close to 3.6% would allow to anticipate increases of between 32.40 and 54 euros per payment for pensions of 900 to 1,500 euros. The exact figure, however, will depend on the latest pending inflation data and on the approval of the regulation that will govern pensions for 2027.