pensions

In Spain 27th September 2023

Spain’s pension spending reaches record €12,051 million in September, up 10.9%

Spending on pensions reached €12,051 million in September, 10.9% more, setting a new record. This is because, in application of the pension reform, pensions have risen by 8.5% by 2023 as a result of average inflation for the period December 2021-November 2022. Following the rise in pensions in line with the CPI applied since the beginning of the year, the average retirement pension increased in September by 9.5% year-on-year to…

Spanish economy, Spanish Politics 22nd May 2023

Different paths on pension reform in France and Spain lead to mixed results

Jakob Suwalski (Scope Ratings | France and Spain have enacted pension reforms this year to put their pension systems on a sounder financial footing and boost employment, but doubts remain about their long-term sustainability and impact on the economy, given their similar demographic trends. The content of the reforms is also different. France (AA/Stable) aims to rebalance its pension system by raising the statutory retirement age from 62 to 64…

Spanish economy, Spanish Politics 17th May 2023

IEE think tank predicts Spanish businesses to pay highest contributions in Europe after Escrivá’s pension reform

Minister José Luis Escrivá’s recent pension reform will leave a public deficit of up to €22,000 million in the public coffers in 2023 alone, with its consequent negative effects on employment, growth and the competitiveness of the Spanish economy. This is what is stated in the latest report by the Institute of Economic Studies (IEE in its Spanish initials), which, under the title “La subida de las cotizaciones sociales (The…

Spanish economy, Spanish Politics 14th March 2023

Fedea warns: pension reform “renounces any savings and will increase spending”.

The Fundación de Estudios de Economía Aplicada (Fedea) warned on Monday that the pension reform that is under way “condemns the contributory component of the public pension system to a basic deficit (before transfers) that will be “high and rapidly increasing over the coming decades”. After analysing the pension reforms as a whole (those already approved and the final phase that is now being negotiated), Fedea calculates that around 2050…

Spanish economy, Spanish Politics 13th March 2023

Government and trade unions to meet today with employers’ NO to pension system reform proposals

The Government and social partners will meet again today at 4.30 p.m. to discuss the pending issues of the second phase of the pension reform following the proposal presented last Friday by the Ministry of Inclusion, Social Security and Migration, with the backing of the European Commission and Unidas Podemos. This is a reform that the employers’ association opposes head-on because it is “populist” and means “voracious tax collection”, given…

Spanish economy 25th January 2023

1.1 pensions per pensioner: Spending on pensions soars to 11.902 billion in January, after rising in line with CPI

Spending on pensions has increased by almost 1,000 million euros compared to last December’s payroll and exceeds 11,000 million euros for the first time in history: 11,902 million. This is because, in application of the pension reform, pensions have risen by 8.5% by 2023, as a result of average inflation for the period December 2021-November 2022. In January this year, 10,009,149 contributory pensions were paid out, 0.9% more than a…

Spanish economy 28th December 2022

Spain: increases in public salaries (4%) and retirees (8.5%) will drive inflation in 2023

Ofelia Marín-Lozano | We started 2022 with inflation significantly higher than it had been since the 2008 financial crisis. We began to spend the savings accumulated during the pandemic, as a result of the fall in consumption due to activity restrictions. As an indication, the average American over the last ten years used to spend 93% of his or her salary each month; during the pandemic, he or she spent…

Spanish economy, Spanish Politics 23rd December 2022

The Government will improve its offer on pensions – to increase the number of years calculated from 25 to 30 – to try to reach an agreement in January

The government takes it for granted that it will not be able to reach an agreement at the social dialogue table on the second part of the pension reform before 31 December, as it has promised the European Commission. However, government sources claim that the deadlines agreed with Brussels are “flexible” and that negotiations with the social partners could be extended during the first weeks of next year in order…

Spanish economy 15th December 2022

November inflation (6.8%) confirms the increase (+8.5%) in pensions in 2023: 3,059 euros for the maximum and 966 euros for the minimum.

Pensions will rise by 8.46% in 2023. The INE has published the final CPI figure for November, 6.8%, and the average for the last 12 months is now 8.46%, a figure that was already announced a fortnight ago and which will be used to calculate the revaluation of nine million pensions next year. In this way, the maximum pension will be 42,829.29 euros per year (3,059.2 euros per month in…

Spanish economy, Spanish Politics 17th October 2022

The Government Will Raise All Pensions By 8.5%: 860 Euros A Year For Minimum Pensions And 3,350 Euros A Year For Maximum Pensions

Fedea, the foundation of the former savings banks, has drawn up a report highly critical of the Government’s proposed increase in pensions (8.5% for all pensions). According to FEDEA, “In the debate on the revaluation of pensions, two issues are being mixed up that should be dealt with separately. On the one hand, the sustainability of pensions, which is a structural problem that has not yet been resolved, and, on…

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