May 2022
30May

Spain: Spending On Pensions Reached A Record 10.81 Billion Euros In May, Up 4.8%

The Social Security allocated a record 10.81 billion euros to the payment of contributory pensions this May, 4.8% more than in the same month of 2021, the Ministry of Inclusion, Social Security and Migration said on Friday. The Department headed by José Luis Escrivá estimates that spending on pensions stood at 11.8% of GDP in the fifth month of the year, a lower percentage than in 2020 (12.4% of GDP), a year conditioned by the impact of the pandemic...

May 30, 2022
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January 2022
26Jan

Spain to raise regular public pensions by 2.5% this year

Spain will raise most public pensions by 2.5% in 2022, boosting the average pensioner's income by around 250 euros ($281.78) a year Social Security Minister Jose Luis Escriva said on Tuesday after a cabinet meeting where the increase was approved. The lowest public pensions will increase by 3%, he added, while inflation reached 6.5% in 2021. Overall, the pension increase will cost some 6.5 billion euros. ($1 = 0.8872 euros) Read more @ZAWYA The newspaper El Economista explains today that on the same...

January 26, 2022
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December 2021
24Dec

Spain. The IMF warns of the ‘Escrivá plan’ for pensions: the reform will raise spending by 42,000 million

The International Monetary Fund (IMF) warns the Government of Spain about the pension reform, which will make the System more unsustainable if complementary measures are not taken on spending and income. In this way, it disfigures the cabinet led by the Minister of Inclusion, Social Security and Migrations, José Luis Escrivá, that “the pension reform has prioritized social acceptability and sufficiency, but concerns remain about sustainability in the event that no additional measures are implemented “. The agency assures...

December 24, 2021
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09Dec

The OECD warns of the pressure of aging on the financial sustainability of pensions in Spain

The body warns, at a general level and without specifying any country, that the future of pension systems depends on the decision being made to raise contributions, extend the retirement age or reduce pensions. A pensioner during a demonstration of this group in Bilbao. The Organization for Economic Cooperation and Development (OECD) has warned of the impact that the aging of the population will have on the “financial sustainability” of the Spanish pension system, according to the annex for Spain of the biennial...

December 9, 2021
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November 2021
29Nov

Spain. Inflation At 5.6% Forces Pensions Up By 2.5%

Inflation rose by 5.6% in November compared to last year, two tenths of a percentage point higher than in October, and its highest level since September 1992. The preliminary data, published on Monday by the National Statistics Institute (INE), mark new annual highs for inflation in Spain, which has risen without interruption since March. The agency blames the rise on increases in food prices and, to a lesser extent, in fuel and lubricants for vehicles. On a more positive...

November 29, 2021
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16Nov

Spain to raise social-security payments to fund coming pensions boom

Spain's government has agreed with unions to raise social-security contributions by 0.6% between 2023 and 2032 to help pay for the pensions of an upcoming wave of retirees, the Social Security Ministry said on Monday. Spain experienced a baby boom during the last two decades of Francisco Franco's dictatorship which ended in 1975, and people born during that era are expected to retire soon, putting state finances under increasing strain. Read also With more than 450 delegates, MENA’s biggest pensions conference...

November 16, 2021
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July 2021
19Jul

Spain inches ahead with pension reform

Spain will pay workers to postpone retirement as part of a pensions reform strategy that analysts warn does not go far enough to cut a huge deficit in the system. With nearly 30 billion euros ($36 billion) of annual losses in 2020 and rising, Spain's social security budget is one of the biggest contributors to the country's ballooning public deficit. The European Commission has long demanded that Spain reform its pension system and has made it a condition for accessing European...

July 19, 2021
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01Jul

Spain. Escrivá Advances A Small Adjustment In Pensions Of The Baby Boomers

Escrivá advances a “small adjustment” in the pensions of the ‘baby boomers’. According to the minister, they will be able to choose between adjusting or delaying retirement. The new equity mechanism will replace the sustainability factor. Escrivá indicates that the pension reform will come into force “at the end of the year”. Read also France. Macron Weighs Pension Reform Before Bastille Day The implementation of the new intergenerational equity mechanism will mean “a small adjustment” in the pension of the generation...

July 1, 2021
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May 2021
18May

UK pension fund USS buys half of 4-GW solar platform in Spain

UK private pension fund, the Universities Superannuation Scheme (USS), has made a deal to acquire a 50% stake in Spain-based renewables platform Bruc Energy, it was announced on Monday. Bruc Energy operates as an investment vehicle of Spanish fund manager Bruc Management and is focused on solar photovoltaic (PV) assets in Spain and Portugal. The vehicle is co-owned by Canadian pension fund OPTrust and Juan Bejar, Spanish businessman and chairman of Bruc Management. USS has invested EUR 225 million (USD 273m)...

May 18, 2021
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17May

Spain. Government And Social Agents Will Evaluate The Formula For Raising Pensions

The soap opera of the revaluation of pensions could close the chapter. The Government and the social partners will carry out, within the framework of social dialogue, a periodic evaluation every five years of the effects of the new formula for the revaluation of pensions with the CPI, to which the Minister of Inclusion, Social Security and Migrations finally agreed. , José Luis Escrivá , for the maintenance of purchasing power. This is reflected in the draft agreement on pensions...

May 17, 2021
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