The document analyzes the state of the Spanish public pension system (pay-as-you-go), through 20 indicators, which are prepared from official Social Security statistics. Among the indicators, the ones that stand out the most are:

• Inverse of the dependency rate: measured as the quotient between the population of working age (20-64 years) and the population aged 65 and over, it showed a drop of 3 hundredths compared to the previous year (3.01 versus to 3.04), thus continuing a downward trend where by 2021 this ratio was 3.59, reflecting the aging of the Spanish population in recent years.
• Effective retirement age: measures the actual age of access to retirement, which is usually lower than the legal age due to the greater weight of early retirements. In June 2023 (64.83 years) it has increased just under a month compared to June 2022 (64.77 years).
• Replacement rate: the replacement rate, measured as the relationship between the average pension of retirees between 65 and 69 years old and the average salary of workers between 60 and 64 years old, has a long-term decrease, going from 70.1 % in 2012 to 66.8% in 2023.
• Contributory balance: obtained as the difference between contributory income and expenses, where the contributory deficit in June of this year has moderated and is 1.84% of GDP compared to 1.98% in June 2022.