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.
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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.
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 pensio…
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…
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.
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.
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.
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.
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.
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…
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