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May 27, 2024
Spain must continue to offer an attractive society to ensure migratory flows that will transform the demographic structure. Immigration, like productivity growth, helps to spread the increase in pension spending due to the retirement of baby boomers over more decades, though it does not eliminate it.
April 29, 2024
The 2021-2023 pension reform has resulted in a system that will be more generous, but less contributory and self-sufficient, as social security contributions are not able to finance the higher expenditure on pensions.
January 15, 2024
A few months ago, the OECD warned that the recent pension reform was unlikely to prove sufficient to fully balance the system. Rather, it said it would increase expenditure more than income, thereby requiring the government to take further steps.
October 23, 2023
We have recently learned of a couple of new developments about the Spanish public pension system. The first is the revaluation of pensions for 2024, which will be close to 4%. The second is the long-term projections of public pension expenditure.
January 10, 2023
In a context of high uncertainty due to the war in Ukraine, the energy shock and higher and more persistent inflation than expected over the last year, forecasts for Spain point to an economic slowdown in 2023, with GDP growth at 1.2%.
November 7, 2022
The public pension system is a basic pillar of the welfare state in Europe. They are viable and sustainable as long as they adapt to the continuous economic, social, and demographic changes that societies experience. The challenge is to find the appropriate balance in the face of continuous changes in the system.
October 17, 2022
The announcement of Spain’s government budget for 2023 has once again brought the subject of pensions back into the limelight, as this particular budget item has seen the largest increase and will require a record level of transfers from the State to finance the deficit.
May 30, 2022
This article addresses a number of recent, ongoing changes to the pension system in Spain, notably the revaluation of pensions based on the CPI, the introduction of the Intergenerational Equity Mechanism, and occupational and individual pension plans. We also discuss the key challenges that lie ahead.
March 30, 2022
It seems reasonable that in exceptional times, like the current one, the economic cost of the major increase in gas, oil and other commodity prices should be shared across the population as a whole — including pensioners. This would then help to reduce the risk of inflationary spirals and of future stagflation.
October 29, 2021
Pay-as-you-go pension schemes—a basic pillar of wellbeing in Europe—are viable and sustainable, as long as the necessary measures are taken to adapt them to economic, social and demographic changes experienced by European countries.
October 19, 2021
Despite its importance as a key category of public spending and the principle of separation of financing sources, it is very difficult to get an idea of the financial position of the pensions system through the central government budget. In this article we analyze the main budget lines planned for 2022.
