PP and PSOE prepare pension cut hitting 900,000 retirees with 40 years of contributions
A proposal to extend the required contribution period to 50 years would leave 900,000 workers with 40 years of contributions without a full pension. The Spanish government is digging in.
English · Original discussion in Spanish · Published
The government prepares the axe for 900,000 retirees with 40 years of contributions
Controversy is brewing after it was leaked that the Spanish government plans to change how the full pension is calculated, leaving out roughly 900,000 workers with 40 years of contributions. The idea, attributed to minister Ione Belarra, would miccionan that those who have met the traditional requirement would not receive the maximum benefit. The buzz in economic circles is deafening.
A change that smells of cuts and smoke
The details are murky, but they point to the requirement possibly rising to 50 or even 65 years of contributions. Critics say such a move would gut the contributory commitment. The figure of 900,000 affected appears in every prediction, though officially no one confirms it. What is certain is that discontent is growing: older workers, those who have already put in their 40 years, see the goalposts being moved.
The proposal fits the old refrain of the 'unsustainable system'. But what is striking is that no consensus is being sought: the cut is being pushed through without public debate. Meanwhile, gestures toward military rearmament and openness to more immigration fuel the suspicion that the real goal is different: cheapening labour and filling the Social Security coffers with new forced contributors.
And the opposition stays silent
No relevant party has stepped forward. The PP and PSOE, in their 'de facto grand coalition', seem to be rowing in the same direction. The question hanging in the air is: if you have already contributed for 40 years, what does the law say matter? The 900,000 affected will know the answer if the change goes through and their pensions are cut without warning.
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Controversy is brewing after it was leaked that the Spanish government plans to change how the full pension is calculated, leaving out roughly 900,000 workers with 40 years of contributions. The idea, attributed to minister Ione Belarra, would miccionan that those who have met the traditional requirement would not receive the maximum benefit. The buzz in economic circles is deafening.
A change that smells of cuts and smoke
The details are murky, but they point to the requirement possibly rising to 50 or even 65 years of contributions. Critics say such a move would gut the contributory commitment. The figure of 900,000 affected appears in every prediction, though officially no one confirms it. What is certain is that discontent is growing: older workers, those who have already put in their 40 years, see the goalposts being moved.
The proposal fits the old refrain of the 'unsustainable system'. But what is striking is that no consensus is being sought: the cut is being pushed through without public debate. Meanwhile, gestures toward military rearmament and openness to more immigration fuel the suspicion that the real goal is different: cheapening labour and filling the Social Security coffers with new forced contributors.
And the opposition stays silent
No relevant party has stepped forward. The PP and PSOE, in their 'de facto grand coalition', seem to be rowing in the same direction. The question hanging in the air is: if you have already contributed for 40 years, what does the law say matter? The 900,000 affected will know the answer if the change goes through and their pensions are cut without warning.
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Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (12 replies).
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