Spanish State Pension System Needs Reforming
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The Spanish association of insurers (UNESPA) has just launched a report about the Spanish state pension system. The study, carried out by Rodrigo Rato, Juan Manuel Eguigaray, Víctor Pérez Díaz, José Maria Fidalgo, Xavier Sala I Martín, Juan Chozas and Pilar González de Frutos, highlights the need to extend the pensionable age to beyond 65. The average age at which Spanish workers retire is currently 62.5. The report recommends the government undertakes the following reforms now to avoid going into the red in 2022:
-Removal of early retirement
-Scrapping of compulsory retirement
-Development of private pension schemes to supplement the state pension
-Modifications to the way pensions are calculated.
The full report is available in Spanish on the web.
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