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, increasing the burden on the younger generations.
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The public deficit forecasts contained in the 2021–2024 Updated Stability Program provided by the Spanish government to the European Commission have recently been disclosed. For 2021, the collective target deficit for the Public Administrations is 8.4% of GDP, which will progressively decrease to reach 3.2% in 2024.
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…
Recently, the COVID-19 crisis has highlighted how the Spanish pension system's financial sustainability problems are worsening. The Ministry of Social Security is predicting a GDP deficit of 4.1% for 2020.
The structure of the current Spanish pension scheme is essentially the same as when it was set up at the end of the 1960s. In the 50 years that have gone by since its creation, the only changes it has seen have been to its parameters.
El agotamiento del Fondo de Reserva de la Seguridad Social, previsiblemente en 2017, ha vuelto a plantear la necesidad de adoptar nuevas medidas para reducir el déficit existente, fortalecer su sostenibilidad y asegurar la suficiencia de las pensiones futuras, un pilar fundamental del Estado de bienestar que hay que preserv…
The persistent Social Security deficit and the continuous tapping of the Reserve Fund, which has dropped 62% from the 66.8 billion of 2011, has spurred another intense debate about the viability of Spain’s pension system.
El déficit de la Seguridad Social y la disminución del Fondo de Reserva ha vuelto a plantear un intenso debate sobre qué hacer con el sistema público de pensiones.
Social security affiliations fulfilled expectations in January, registered unemployment surpassed them. BBVA research estimates point at a continued relevance from job creation and unemployment reduction in the beginning of 2016.
The favorable evolution of the labor market figures in September did not offset the disappointing start of the quarter. BBVA Research estimates indicate that both the growth of Social Security affiliation and hiring, as well as reducing unemplo…
September 2, 2015
Spain | The labor market disappoints in August and confirms the expected economic slowdown
Labor market figures failed to meet expectations in August. After seasonal adjustments, BBVA Research estimates indicate that Social Security Affiliation fell marginally after two years upwards, while the decrease of registered unemployment decelarated.
August 28, 2014
The informal economy and the constraints that it imposes on pension contributions in Lati…
Low contribution levels to pension schemes in Latin America are an enormous obstacle limiting the implementation of a broad-based social security system. Contribution rates measured as a ratio of contributors to the total labour force stand at an average of 40%, or 60% in the best of cases. Although previous studies explain…