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Spain. Escrivá Advances A Small Adjustment In Pensions Of The Baby Boomers
Escrivá advances a “small adjustment” in the pensions of the ‘baby boomers’. According to the minister, they will be able to choose between adjusting or delaying retirement. The new equity mechanism will replace the sustainability factor. Escrivá indicates that the pension reform will come into force “at the end of the year”.
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The implementation of the new intergenerational equity mechanism will mean “a small adjustment” in the pension of the generation born between the late 1950s and mid-1970s ( baby boomers ), as the Minister of Inclusion, Security has advanced this Thursday Social and Migrations, José Luis Escrivá.
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During an interview on TVE, he explained that it is a “broader” generation and that, therefore, it will have to assume “some of the effort that must be made to moderate pension spending during a specific period of time.”
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According to Escrivá, baby boomers will be able to “choose between several options: one can be a small adjustment in their pension, which would be very moderate, or alternatively they could work a little more”, that is, delay retirement.
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