World Spain: new government increases pensions

Spain: new government increases pensions

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The government of Pedro Sanchez has issued a decree increasing pensions by 0.9% in 2020. Spanish pensions will again be indexed to the rise in prices.

The thorny subject of pensions is not limited to France. In Spain, the Spanish Socialist Prime Minister Pedro Sanchez announced Tuesday a revaluation of pensions at the end of the first council of ministers of his unprecedented coalition government with the radical left party Podemos.

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

Spanish pensions will once again be indexed to the rise in prices, which has not been the case since 2014, following the austerity measures of the Conservative government of the time. If inflation exceeds 0.9%, "retirees will receive a single payment for the difference between 0.9% and" effective "inflation by April 2021," said Pedro Sanchez in his speech. .

Increase in public spending

The Prime Minister also 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.

With all the planned spending, "we have the impression that this year's deficit will be 3.5% and that is already a problem with Europe," said the president of the first employers' organization (CEOE), Antonio Garamendi, during a breakfast Tuesday.

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