Business Pensions: in Spain, the new government increases pensions

Pensions: in Spain, the new government increases pensions

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It is not only in France that the subject of pensions is on everyone's mind. In Spain too. So much so that the very first measure of the new Iberian Prime Minister, Pedro Sanchez, is a revaluation of pensions. The socialist announced it Tuesday, after the first cabinet meeting of his coalition government formed with the radical left party Podemos.

We approved "a decree to increase pensions by 0.9% this year," said Pedro Sanchez. This first measure of the new government should benefit more than 11 million retirees, then added the Ministry of Social Security.

Spanish retirement pensions will thus be indexed again to the rise in prices. This was no longer the case since 2014, following the austerity measures of the then Conservative government. And, if inflation exceeds 0.9%, "retirees will receive by a single payment the difference between 0.9% and actual inflation", "by April 2021", further promised the Premier Minister.

A new minimum wage increase soon

In addition, Pedro Sanchez announced that he would renegotiate Spain's deficit targets with the new European Commission for the next few years. Indeed, its agreement with Podemos provides for an increase in public spending and measures such as the gradual increase in the minimum wage, already raised by 22% last year.

Madrid is currently counting on a public deficit contained at 2% of GDP in 2019 and aims for 1.7% in 2020, a goal which Spanish employers do not believe.

This Tuesday, the president of the first employers' organization (CEOE), Antonio Garamendi, declared that with all the planned expenses, "we have the impression that the deficit this year will be 3.5%, and it is already a problem with Europe ”.

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