With the New Year retirement age in Spain will increase again. And not for the last time

According to the information portal abc.es, the reorganization of the Spanish public system of social security intends to increase the number of able-bodied citizens and delay the start date of the payment of pensions. The relevant law was coordinated with the Spanish trade union federations – the General Union of Workers (UGT) and the Workers’ Commissions (CC.OO) in 2011, but was supplemented and adopted on January 1, 2013. 

Now, from January 1, the retirement age in Spain will be 65 years and 8 months, and by 2027, annually increasing by 2 months, will grow to 67 years. However, some citizens of the country will be able to go on a well-deserved vacation at 65 years and receive a pension in full if their work experience is more than 36 years and 9 months (by 2027 it will be 38 years and 6 months). 

In 2013, to calculate the minimum pension, it was necessary to have 15 years of work experience, in 2019, it will take 22 years, and in 2022, 25 years. With the New Year in Spain will change the rules of voluntary early retirement. Now it can be done no earlier than by reaching the age of 63 years and 8 months. And you must have at least 35 years of work experience. 

In 2019, there will be regulatory changes in the amount of pensions. Payments to elderly non-working Spaniards will increase along with the consumer price index. Over the past 5 years, they have increased by 0.25% per year. Now they will rise by 3% for those receiving a minimum pension and by 1.6% for all others. Due to the fact that in October 2018, the Spanish Parliament decided to change the pension reform, linking the increase in payments to the dynamics of the consumer price index, the trade unions strongly advocated the rights of elderly citizens. Activists demand that the government support the purchasing power of pensioners, index pensions and adopt minimum income regulations and effective measures to combat inequality and poverty.

Tom Tompson

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