Pensions and contributions in 2026: main changes

2026 marks a new step in the reform of the pension and social security system. The measures coming into force respond to a clear objective: to guarantee the sustainability of the public system in the context of an ageing population.

These changes have a direct impact on both workers' pay slips and companies' labour costs, as well as on future retirement planning. Below, we analyse the main changes to be taken into account.

Pension revaluation in 2026

Pensions are being updated again in line with the revaluation system linked to the average annual CPI, consolidated following the pension reform.

Contributory pensions are increased in line with inflation, with the aim of preserving the purchasing power of retired people, by approximately 2.7%. At the same time, minimum and non-contributory pensions are seeing higher increases, of around 11.35%, strengthening the protection of those on lower incomes.

This approach responds to a clear desire to reduce the risk of poverty among pensioners, especially in a context of high living costs.

The Intergenerational Equity Mechanism (MEI): greater weight on payrolls

One of the measures with the greatest direct impact in 2026 is the increase in the Intergenerational Equity Mechanism (MEI). This mechanism, in force since 2023, consists of an additional contribution intended to strengthen the Social Security Reserve Fund.

From 1 January 2026, the total percentage of the MEI will increase to 0.9% of the contribution base. Most of this percentage will be paid by the company, while a smaller fraction will be deducted directly from the worker's salary.

In practical terms, this means:

• A slight increase in labour costs for companies.
• A moderate reduction in workers' net wages.
• A more noticeable impact on high wages, especially those close to the maximum contribution base.

In the case of self-employed workers, the MEI is assumed in full, as there is no distribution between the company and the worker.

Changes in the calculation of retirement pensions

2026 also introduces significant adjustments to the retirement pension calculation system. One of the key aspects is the evolution of the calculation period for the regulatory base, i.e. the years of contributions taken into account to determine the final amount of the pension.

This new model allows you to choose between different calculation options, with the aim of offering greater flexibility and adapting to less linear career paths. Adjustments are also being made to the integration of non-contributory periods, which is particularly relevant for people with irregular careers.

These changes could have a significant impact on future pensions, reinforcing the importance of medium- and long-term planning.

Contribution bases and salaries

In terms of social security contributions, 2026 brings an update to the maximum contribution bases, which continue to increase progressively. This measure has a direct impact on:

• High-earning workers.
• Companies with qualified staff or managers.
• Self-employed professionals with high bases.

The minimum contribution base remains linked to the evolution of the Minimum Interprofessional Salary, pending final approval based on the General State Budget.

What do these changes mean for companies and professionals?

The changes for 2026 are not only economic but also strategic.

For companies, they mean a gradual increase in social costs and the need to anticipate the impact on budgets and remuneration policies.

For employees and self-employed workers, these changes reinforce the importance of understanding how future pensions are calculated and how current contributions impact long-term income.

From an employment management perspective, understanding these adjustments is key to:

• Properly planning payroll and business costs.
• Advising employees on retirement matters.
• Avoiding errors in the application of the new contributions.