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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.
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%.
The main developments this year are the 8.5% revaluation of pensions in accordance with average monthly inflation from November 2021 to 2022 and the 15% increase in non-contributory pensions.
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 th…
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.
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.
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…
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.
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 thi…
