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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.
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.
Three years after the pandemic began, the imbalance in the public accounts looks to be finally returning to pre-COVID levels. However, public expenditure will be 6 pp of GDP higher than three years ago.
Once the last reform decision did not restrict the increase in spending and did not eliminate the actuarial imbalance, the sustainability of the pension system will involve a constant increase in taxation and transfers from central government, …
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 t…
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.
The record highs reached in household savings in the second quarter of 2020, has been one of the most striking characteristics of the current crisis. Since then, it has declined somewhat, which has lent support to the recovery in consumer expenditure and the housing market.
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 ar…
The country only collects 14% of GDP for tax purposes. Not only does this represent the lowest level of all the countries that are part of the Organization for Economic Cooperation and Development (OECD), but it is also lower than the collectio…
