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June 24, 2024
This presentation, delivered on the 10th anniversary of the BBVA Pension Institute in Portugal, analyzes the economic forecasts for Portugal and Spain, and the challenge of long-term aging of their population, as one of the challenges facing public systems pensions in Europe.
June 24, 2024
Despite higher recent GDP growth, the productivity of the Spanish economy has been falling behind that of the EU, making convergence in per capita income difficult. The projections of the Ageing Report 2024 do not foresee any improvement in the outlook.
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.
July 26, 2023
The increasing longevity of the Spanish population, together with the progressive delay in entering the labor market, poses a challenge for the welfare state, but also an opportunity for society.
February 25, 2023
After a long working life, in the collective imaginary is to retire with dignity and move to a quiet place and with good weather: sun, sea, beach, etc. Not everyone will achieve this idyllic dream, but there are a group of people who are doing it: the Baby Boomer retirement migrants.
November 17, 2022
In 2020, there were 35,046 Baby Boomer retirement migrants residing in Mexico. More than half are from the U.S., followed by Spain and Canada, 3 out of 5 are men, 4 out of 5 are between 60 and 79 years old, more than half have bachelor's, specialty, master’s, or doctoral studies.
June 2, 2021
At BBVA Research, we believe that the so-called Austrian backpack could help ensure compliance with the EC's recommendations. The main reason is that it would reduce the uncertainty surrounding dismissal costs and, with the right design, encourage open ended contracts while also favoring labor mobility.
November 5, 2020
The recommendations of the Pension Commission of the Spanish Congress (Pacto de Toledo) are a good starting point for addressing gradual changes in the system, but they are not enough to ensure its sustainability. If the appropriate measures are not taken, the recommendations have the potential to imbalance the system.
September 22, 2020
At the start of the COVID-19 crisis the Spanish public pensions system had already suffered from a chronic deficit. Since 2011 it has exhibited an imbalance, which amounted to around EUR 18 billion—1.4% of GDP—in 2019. There is little doubt that this economic crisis will be the most intense since World War II.
July 22, 2020
The reform proposal is correct and constitutes a step in the right direction. The SHCP would propose adjustments to the current regime in order to increase coverage and replacement rates of IMSS pensions
May 8, 2018
The negotiation of the Spanish National Budget has restored the updating of pensions with the inflation for 2018 and 2019 and has delayed the entry into force of the Sustainability Factor (FS from its Spanish initials) until 2023. Although it would be wise to be prudent and wait for the recommendations of the Toledo Pact.
March 23, 2018
Pensions are again at the heart of an intense debate. Adjustment for inflation and the repeal of the 2011 and 2013 reforms are among the demands that are putting the sustainability of the system, and consequently the sufficiency of future pensions, at risk.
