According to the analysis of Social Security microdata for 2024 carried out by the central bank economists, there is "high dispersion," with half of old-age pensioners in the general scheme receiving less than €462 and only 5% receiving more than €1,685.

“The proximity between the average retirement pension and the 75th percentile reveals that most retirees receive significantly lower amounts than the average, reflecting an asymmetrical distribution concentrated at low levels,” points out the text prepared by Cláudia Braz, Sharmin Sazedj, and Lara Wemans, which will be included in this month's Economic Bulletin.

The analysis also examined gender differences, indicating that women show less variability and are, on average, at lower levels.

In total, there were 2.5 million old-age pensioners in public schemes, of which two million belong to the Social Security system and 440,000 to the Caixa Geral de Aposentações (CGA).

In 2024, the average age of retirees was 75 years, with women's age being 15 months higher than men's, “reflecting a higher average life expectancy.”

In 2024, the average old-age pension for women was €490, compared to €812 for men. The difference, around 40%, falls to 28% when considering the sum of age and survivor pensions.

By age group, the lowest average pensions occur in the older age groups, with retirees under 65 having an average pension close to €770, falling to €537 for retirees over 80.

"This profile is likely associated with the increased length of contributory careers and the declared income of new retirees," the bulletin points out.

The data also indicate that in 2024, among all old-age pensioners, 40% – or 804,000 people – were receiving the minimum pension, an indicator calculated based on the number of years of contributions.

The analysis also points out that the gender gap has been gradually decreasing in recent years, although there is still a difference between men and women, not only due to the narrowing of wage differences, but also due to the increased participation of women in the labour market and the increase in contributory careers, according to the authors.