He explained that the enlargement from 15 to 25 years of the reference period for calculating the pension will mean a cut of six extra points, and noted that pension reform will result, in 2027, only 40% of workers may retire at 65 with all of the benefit, after having contributed 38 years and six months, and the same percentage of workers will have to retire at age 67 with 37 years of contributions. By contrast, the remaining 20% will retire early. Badrinas said, finally, that pension reform undertaken “is neither good nor bad, but necessary.”
For his part, President of Novaster and professor at the University of Barcelona, Diego Valero, said that the reformation was “important” and “necessary” but “not enough”, and although his view is “draft” and with “substance” only solves the problem of sustainability of the Social Security system partially, so that would need to be reformed “deep” to strengthen the backbone of the system.
For a sustainable system
On aging, said the real crisis in Spain and can lead to economic consequences. Valero advocated a system that is sustainable, as well as decent pensions for the pension reform to succeed, which apparently do not get with the changes as pensions can become depleted by up to 25 %.
Finally, Valero said that the measures taken will save Social Security, that the government expected to reach 3.5% of GDP in 2040, which comes only with an actual reduction of the pension. Also insisted raise awareness that “we must make reforms,” as well as the need to “promote complementary pension plans.”
