The INE enters the campaign. The Institute of Statistics will announce on November 27 the CPI data with which pensions will be revalued for 2027. Just two days before the celebration of the elections on November 29.
The revaluation of pensions is back on the political calendar just weeks before the general elections. The Government of Pedro Sánchez can take advantage of the final stretch of the campaign to announce how much benefits will increase in 2027 and present the update as one of the social commitments of its management.
However, the ordinary increase is not a concession that the president can decide freely: the system establishes by law the annual update of contributory pensions according to inflation.
The difference between fulfilling that obligation and turning it into an electoral argument lies in the timing and manner of communicating it. The Executive can highlight the increase to pensioners, but the revaluation must be applied regardless of who governs or the electoral calendar.
The context offers a political opportunity for Sánchez. According to what El País published on October 8, the Government studies to make the most of the council of ministers prior to the elections to promote social measures, including the update of pensions. The strategy would allow the PSOE to place social protection at the center of the campaign and force the opposition to express itself on decisions that directly affect millions of voters.
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Feijóo commits to updating pensions with the CPI and defends the public system.
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The increase is recognized by law
Law 21/2021, on guaranteeing the purchasing power of pensions, established a revaluation mechanism linked to the CPI. In general, contributory pensions are updated at the beginning of each year according to the average of the year-on-year inflation rates of the twelve months prior to December of the previous year.
The objective is to preserve the purchasing power of pensioners against rising prices. Therefore, the ordinary update does not depend on whether the Government wants to grant it as an electoral measure, but on the application of the current legal mechanism.
By 2027, the calculation will take into account the average evolution of the CPI between December 2025 and November 2026. The definitive data for November will be known in December, after the elections. The Government can communicate an estimate of the increase beforehand, but the definitive percentage will depend on the data that completes the reference period.
This circumstance introduces a relevant element in the campaign: the Executive can anticipate the expected increase and present it as a guarantee for pensioners, even though the final figure has not yet been confirmed when the elections are held.
the revaluation calendar
November
The reference period of the CPI closes
November is the last month used to calculate the average inflation that determines the increase for the following year. The INE publishes the preliminary data at the end of November and the definitive data in December.
December
The Government can approve the revaluation
Once the definitive data is known, the Executive can approve the corresponding regulation. If it resorts to a royal decree-law, it needs its validation by Congress or, if applicable, by the Permanent Deputation.
January
The increase comes into effect
The revaluation corresponds to the beginning of the year. If the regulation is approved later, it can have retroactive effects from January 1 and the corresponding arrears can be paid.
*The rule is included in the article 58 of the General Law on Social Security, amended by Law 21/2021.
Without Budgets, the Government resorts to the decree-law
The lack of new General State Budgets adds a particularity to the procedure. The revaluation of pensions is not automatically incorporated into a budget extension. The Government must approve a regulation that establishes the update and, when it resorts to a royal decree-law, it needs Congress to validate it.
The most recent precedent illustrates the difficulties that this procedure can encounter. On December 23, 2025, the Executive approved Royal Decree-Law 16/2025, which included measures in tax and Social Security matters, among them the update of pensions. The regulation did not achieve parliamentary validation and was repealed on January 28, 2026.
The Government had to approve a new provision on February 3 to set the revaluation of pensions for that year. Royal Decree-Law 3/2026 established a general increase of 2.7%, with effects from January 1.
The episode shows that formal approval may be delayed due to parliamentary difficulties, but that the update can be recognized with effects from the beginning of the fiscal year. Pensioners do not have to lose the increase corresponding to January because the regulation is approved later: the decree can expressly set its application from January 1 and regularize the pending amounts.
The preamble of the Royal Decree-law 3/2026 itself justifies the approval of the regulation without waiting for new Budgets and reminds that the revaluation is not included, as a general rule, in the budget extension. The case demonstrates that the Executive has a regulatory avenue to update benefits, although its continuity depends on parliamentary validation.
The precedents of 2018 and 2020
The use of royal decree-laws to update pensions is not exclusive to the current legislature. In December 2018, the Government approved Royal Decree-law 28/2018, which included measures for the revaluation of pensions in 2019.
In January 2020, the Executive resorted to this formula again. Royal Decree-law 1/2020, approved on January 14 and published the next day, established a general increase of 0.9% for that year, with effects from January 1. The regulation also contemplated subsequent regularization if the recorded inflation exceeded the initially applied increase.
Both precedents reflect a usual dynamic: the Government specifies the update through a regulation and can recognize retroactive effects from the beginning of the fiscal year. The obligation to revalue benefits and the procedure used to do so are distinct issues.
Consequently, it is not correct to present the annual increase as an extraordinary measure that the Executive grants to pensioners. What may vary is the regulatory instrument, the timing of its approval, and the political communication that accompanies the decision.
The political margin is in the announcement
The coincidence between the electoral calendar and the update of pensions offers Sánchez the possibility of giving prominence to a measure of great social impact in the final stretch of the campaign. The Government can anticipate the expected increase, highlight its commitment to maintaining purchasing power, and contrast its policy with the proposals of the opposition.
The difference is that the announcement does not create the obligation to revalue the benefits: that obligation already exists. The ordinary update must be applied in accordance with the law, regardless of whether the Government decides to communicate it before or after the elections.
The political margin of the Executive lies in the moment chosen to announce the estimate, in the processing of the regulation that will set the definitive percentage, and in the possible additional improvements that it may propose for certain benefits. The latter must be distinguished from the general increase linked to the CPI, because they may respond to specific decisions and have different regulation.
The question, therefore, is not whether there will be an ordinary revaluation of pensions in 2027, but when the Government will announce the estimate, how it will process the definitive update, and what prominence it will give it in the campaign.