The Government spent 2,000 million more in the updating of pensions when using an incorrect IPC

The Government has allocated 6,500 million euros to revalue pensions in 2022 and to compensate pensioners for the detour of prices in 2021 with respect to the p

The Government spent 2,000 million more in the updating of pensions when using an incorrect IPC

The Government has allocated 6,500 million euros to revalue pensions in 2022 and to compensate pensioners for the detour of prices in 2021 with respect to the planned, but if it had used inflation data that correctly reflected the price of electricity, could have spent about 2,000 million less.

This is because the executive used (as the new law) the average inflation from December 2020 to November 2021 to calculate how much pensions should be raised this year. According to the data that the National Institute of Statistics (INE) had published, the average rise in this period had been 2.5%.

In addition, since by 2021 pensions had risen 0.9%, in line with the expected evolution of prices, but finally in the period had risen by 2.5%, a 'paguilla' would be paid to becoming a compensation Those 1.6 difference points. In total, 2,600 million were allocated to the 'paguilla' and 3,900 million to the rise of 2022.

The problem is that, according to the CaixaBank Studies Service, that average IPC was not such, since the inflation data leading the INE all last year does not take into account the price of electricity in the market Free and only collect the price of the regulated market.

"The IPC has been clearly biased upwards by 2021 due to this omission. We note that the median annual variation of invoices in the free market has been -6% while in the regulated market + 35%. Specifically, to be incorporated The prices of the free market and not only those of the regulated market, we would have closed the year with general inflation at 4.7% (instead of 6.5% official) and an annual average at 2021 of 2.2% (front 3.1% official). In fact, although we assume that prices in the free market were stable, we would come an annual average of 2.3% by 2021, "explains CaixaBank's experts.

According to the data that has provided this medium, the average IPC December 2020 to November 2021 was 1.8%, with which if the pensions had revalued that instead of 2.5%, spending would be past from 3,900 million to 2,808 million; While the compensatory pamage would have been 2,600 million instead of 1,462.5 million. The set saving would have reached 2,229 million euros that would not have been consolidated in the system or contributed to the Snow Ball effect of Social Security, according to the world.

When the INE published this week the January advance indicator - which registered a climb of 6% - has already noticed that it had not yet changed its way of recording the price of electricity because it was lacking data and in order to avoid distortion.

"This change has had to be postponed until the information that must provide the electric companies with a sufficient level of detail and with the necessary technical criteria that allow us to apply a methodology consisting of the requirements required in the calculation of the CPI and, consequently , be able to properly explain the future evolution of the indicator. On the other hand, the erratic situation of the market at this time does not favor the introduction of any methodological change, which could distort the analysis of the evolution of prices throughout the year 2022 and following "They admitted.

CaixaBank, however, that he can see in the accounts of his clients how much money they are intended for the payment of light based on the type of market to which they are welcomed, yes it has been able to do these calculations.

Date Of Update: 02 February 2022, 09:48

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