This is the retirement age in Spain with the new pension reform

The government agreed on Thursday in the extraordinary cabinet on The new pension reformwhich includes new elements such as the solidarity share targeting higher incomes, increasing the integration mechanism between generations, or extending the calculation period for pension calculation.

Are there changes in the retirement age?

Now that the reform has been approved after the government partners have reached an agreement between themselves and the social agents and presented it to Parliament, one of the big questions is What will happen to the retirement age?.

despite the news, The retirement age does not change with this reform and the requirements remain the same.

This is the evolution of retirement in Spain

In the year 2023, the normal retirement age 65 is determined if 37 years and 9 months or more contributed. If fewer years contribute, the retirement age is set at 66 years and 4 months, as stated on the Social Security website.

However, the retirement age in Spain continues to rise. Regarding the year 2022,It has already increased in 2 months If the subscription periods set by the Ministry are not met, this aspect has also grown.

For 2024, the normal retirement age is 65 for 38 years or older with contributions and 66 years and 6 months for under 38. with this dynamic The point is that the legal age to retire from the labor market is 67 years.

Controversy with raising the retirement age

The sustainability of the pension system is the reason behind justifying the extension of the retirement age, an aspect that has generated controversy as it has been speculated that this age can be reached. the seventy years.

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In this sense, already in November last year, Minister Escrivá ruled out the possibility of this assumption being realized. Then he argued that the age of 67 by 2027 is “more than enough” age pension system to ensure its sustainability.

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