SPAIN - The average monthly state pension for retirees in Spain rose to €727.70 on 1 November - a 5.8% increase on the average state pension on the same date in 2005.
At the same time as it announced the increase, the ministry for work and social affairs said it was now paying out €5.3bn a month in pensions: 7.4% more than it was this time last year.
In October, the number of pensions paid out by the Social Security system reached 8,210,445, which equates to an increase of 1.6% over the last year. Over half of these were paid out due to retirement.
Also in October, labour minsister, Jesús Caldera, stated the payment of state pensions was guaranteed until at least 2036 due to continued surpluses in the social security system.
Speaking at the 'XX Conferencia Internacional de Organizaciones Empresariales Privadas' (20th International Conference for Private Businesses), Caldera said contributions to the social security reserve fund had "more than doubled in the last two years" and claimed the fund would reach €40bn next year.
Businesses are experiencing auto-enrolment data error rates of up to 50%, posing questions over the reliability of pension records, Pensionsync says.
A nationwide survey of committee and local pension board members of the Local Government Pension Scheme has revealed high levels of confidence in all areas of their responsibility.
UK inflation unexpectedly rose to 2.7% in August, beating analysts' expectations of a drop to 2.4% from 2.5% the previous month.