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April 17, 2023
Over the last two years we have witnessed numerous changes to the pension system in Spain, making it more generous, but less self-sufficient, with a larger structural deficit, no adjustment for increased life expectancy and greater dependence on transfers from the State.
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.
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.
February 7, 2022
The pension system is a form of insurance whereby workers defer their income so as to maintain purchasing power and welfare throughout their life. Pay-as-you-go systems should therefore aim to revalue pensions in line with inflation, but with a design that ensures the system is sustainable over time.
December 20, 2021
One of the roles of Social Security is to provide insurance in the form of retirement pensions. Society is faced with the challenge of ensuring that Social Security provides this social policy through a sustainable and adequate pension system.
November 15, 2021
The pension system reforms carried out up to now, and the latest proposals we are learning of, take us further away, rather than closer to, what other European countries have gradually done—and continue to do—to ensure the sustainability of their public pension schemes.
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.
July 9, 2021
This article assesses the contribution to financial and social sustainability, of the draft bill covering the recent agreement on pensions reached between the government, unions and employer organizations.
July 5, 2021
Government, unions and employer organizations have announced a preliminary agreement on pensions which ensures their sufficiency, but, for now at least, provides no improvement in fiscal sustainability and delays the most difficult decisions.
March 23, 2021
The pay-as-you-go (PAYG) pension system is one of the pillars of the welfare state. In order to keep people's income in retirement at similar levels to when they were working, advanced societies have developed complementary pension systems, but these are not particularly widespread in Spain.
June 30, 2012
This paper presents estimates of the impact of the recent reform of the Spanish pension system. Results suggest that this reform will reduce pension expenditure by up to 1.4 percentage points of GDP
