PENSIONERS living in the Balearics were paid a bit more in September. However, the monthly pension in the islands is still below the national average.
Retirement pensioners in the islands were paid this month an average €867.70, which is 3.5 per cent more than what they were paid last year. But, compared to the national average, retired people in the Balearics were paid €83 less.
Be as it may, retirement pensions are still €76.63 above the average pension aid (including also permanent disability, widow/widower, orphans and relatives aids).
Social Security in the Balearics is quite balanced, despite the fair amount of old people. According to official figures, for every pensioner there are currently 2.68 people paying the national insurance. This has been coined has “age dependency ratio” and is a sign of how reliable and solvent the system is in the Balearics.
For example, in Asturias the rate is 1.2. Consequently, there is a good balance between workers and pensioners in the Balearics, and this should guarantee that the elderly will be paid their pension in a future.
In the Balearics, expatriates and other foreigners registered in the Spanish Social Security counted for 86,954 last August, meaning almost 5 per cent of the total 399.541 in Spain. Many of them will eventually get to benefit from Spanish pensions.