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Parliament approves raising retirement age to 67
Spain's Parliament has today voted in favour of a government proposal to increase the country's age of retirement from 65 to 67. The bill was carried after a number of minor amendments were made by the Senate.
At the moment Spanish residents of both sexes retire with full benefits at 65, assuming they have contributed into the social security system for 35 years.
The new law increases the age of retirement to 67 and required contributions 37 years, however, retirement is still possible at 65 if 38.5 years of contributions have been made.
The changs will state to be phased in from 2013 and should be complete by 2025.
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