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BusinessWhen is the IMV increase charged in January 2024

When is the IMV increase charged in January 2024

There are already more than 2.1 million people who receive the Minimum Living Income, a guaranteed income that has been around for more than three years and that already reaches hundreds of thousands of homes in Spain. An income that is guaranteed to economically vulnerable people and that comes with changes in 2024.

The amounts of the Minimum Living Income have been updated with the entry of the new year. The guaranteed income has risen 6.9%, well above 3.8% inflation. This is because, from 2024 to 2027, the IMV will receive complementary increases so that at the end of that period it reaches “75% of the poverty threshold for a single-person household in 2027.”

IMV amounts for 2024

This increase in the IMV was announced by Elma Saiz, Minister of Inclusion, Social Security and Migration, at the beginning of her mandate, and will leave the following reference amounts for each coexistence unit:

  • Units for one adult: 604 euros monthly and 7,253 euros annually.
  • Units for one adult and one minor: 786 euros per month and 9,428 euros per year.
  • Units for one adult and two minors: 967 euros per month and 11,604 euros per year.
  • Units for one adult and three minors: 1,148 euros per month and 13,780 euros per year.
  • Units for one adult and more than three minors: 1,330 euros per month and 15,956 euros per year.
  • Units for two adults: 786 euros monthly and 9,428 euros annually.
  • Units of two adults and one child: 967 euros monthly and 11,604 euros annually.
  • Units of two adults and two minors: 1,148 euros per month and 13,780 euros per year.
  • Units with two adults and more than two minors: 1,330 euros per month and 15,956 euros per year.
  • Units for three adults: 967 euros monthly and 11,604 euros annually.
  • Units of three adults and one child 1,148 euros per month and 13,780 euros annually.
  • Units with three adults and more than one minor: 1,330 euros per month and 15,956 euros per year.
  • Units of four adults: 1,148 euros monthly and 13,780 euros annually.
  • Units of four adults and one child: 1,330 euros monthly and 15,956 euros annually.
  • Rest of units: 1,330 euros monthly and 15,956 euros annually.

When is the IMV charged?

In accordance with article 24 of the Social Security financial management regulations (can be consulted at this link in the Official State Gazette), all benefits dependent on the organization must be paid “on the first business day of the month in which they are made.” payment and, at most, the fourth calendar day of said month”.

Applied to the payroll for the month of January, this would translate into the Minimum Living Income being collected between Thursday, February 1 and Friday, February 2.

However, it is possible that the Minimum Living Income is entered prematurely into the accounts of your beneficiaries. Since the first months of the coronavirus pandemic, some banking entities advanced the payment of these amounts, a practice that is still maintained in different banks.

If so, the Minimum Living Income could be collected between Tuesday, January 23 and Thursday, January 25a few days before what the Social Security regulations establish.

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