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    Sustainability Factor

    BBVA Research Publications

    Sustainability Factor latest publications

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    December 10, 2021

    Spain | A decade of pension reforms and counter-reforms

    Unlike the 2011 and 2013 reforms, the 2021 measures increase the projected deficit of the pension system and pass it on to the State, increase contributions, making job creation more expensive, and reduce intergenerational equity, in exchange for a greater budgetary burden on the younger generations.

    November 15, 2021

    Spain | A step backward in the equity and contributivity of the pension system

    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.

    May 8, 2018

    More spending on pensions

    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.

    October 1, 2013

    La reforma de las pensiones públicas en España: el factor de sostenibilidad

    El sistema público de pensiones es una pieza fundamental del Estado de bienestar y, por lo tanto, necesita tener garantizada su sostenibilidad