Banking entities advance the payments of retirement benefits and subsidies by a few days
The Social Security pay every month 9.7 million pensions taxes throughout Spain. Some payrolls that are the sustenance of retirees and on some occasions -especially in times of crisis- also of their children and grandchildren. The State recognizes and pays these benefits or subsidies after decades of contributions, but it is the banking entities that pay them to pensioners every month. Each bank has its own payment dates, although they usually converge between days 23 and 25 of each month, depending on whether there are holidays or non-working days in between.
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consulted sources of Santander Bank, CaixaBank y BBVA They explain that these banking entities will proceed to pay the pensions for the month of June between the 23rd, 24th and 25th of the same month, in this order. In recent years, it has become common practice for banks to advance payments a few days before the expiration of the month, in order to speed them up and for pensioners to have their money earlier. And this practice was consolidated with covid to minimize physical travel to offices and thus reduce possible contagion. Some banks in previous dates have come to advance payments until the 21st or 22nd of the month, this already depends on the organization of each entity and the calendar and its weekends.
The payment dates may change in the event that the pensioner is a ‘rookie’ and receives his Social Security benefit for the first time. In this case, the payment date changes and, regardless of the bank to which the pensioner belongs, the first payment will be collected on the last business day of the month, provided that it is not a weekend or coincides with a national holiday.