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Government proposals to reform Spanish pension reforms

Thu 4th Feb 2010

The Spanish Government has proposed changes to the number of working years used to calculate the state pension from 15 to 25 years. This would mean that those reaching retirement age would only be entitled to a lower pension if they had made less than 25 years payment.

A second statement from the Government then followed the initial report, which seemed to retract the earlier announcement saying that the 25 year previously mentioned was simply Ďa simulation'.

Advisors to the PM believe that these changes will represent a saving a 4 points towards the GDP deficit. In the first instance the Government intends to increase the minimum number of qualifying years from 15 to 17. Both measures are included in the Government's Stability proposals for 2009 to 2013 sent on to the European Commission.

It comes in addition to the plans announced last Friday to delay the retirement age to 67 and is part of the measures designed to cut public spending. The public debt is now forecast to reach 74.3% of GDP in 2012.

Meanwhile the latest statistics show that only 17% of Spaniards save for their retirement.

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