Spanish Government looking at incentives for delaying retirement
The Spanish Government is looking at providing incentives for those who carry on working after the age of 65 while taking steps to stop high earners from taking early retirement.
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In his appearance on Wednesday before the Toledo Pact parliamentary commission, Inclusion and Social Security minister Jose Luis Escriva said his department’s intention is to encourage people to delay their retirement. through a redesign of the extra payments for those who extend their working life and with a different structure for compatibility between salary income and a pension.
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According to the minister, “Spain is a country which gives very little credit for delaying retirement.” He said his department is therefore carrying out a study on the labour market for people who are on the verge of retiring, evaluating the incentives which do exist and looking at why they are not used with a view to “designing a better constructed system.”
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At the same time, the ministry plans to change Social Security legislation to prevent people in high income brackets from being able to take voluntary retirement before the age of 65 without hardly affecting their future pension allowance.
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