Pension reform in Spain: Introducing the sustainability factor

Pension reform in Spain: Introducing the sustainability factor

Fecha: julio 2013

Autores: José A. Herce, A.F.I.

Etiquetas: Sistema público de pensiones, Edad de jubilación, Sostenibilidad financiera

Spanish and International Economic & Financial Otlook, SEFO, V. 2 N.º 4

This article examines the various reforms of the Spanish social security public pension system since its massive overhaul in the 1960s. Of the multitude of reforms undertaken to date, the 2011 reform was, by far, the most rigorous, but will still only preventing one third of the severe deterioration of system accounts projected to occur by 2050. However, the 2011 reform does contain one element that has the potential to stabilize the system- the sustainability factor. On the basis of the policy options recommended by the Experts Committee in its June report, this factor could achieve the full sustainability of the pension system in the long term. Nevertheless, its introduction would pose serious questions for pre-existing supplementary and/or replacement pension schemes.

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