This is not good news for Spanish workers

According to the National Statistics Institute, by 2049 almost one in three people in Spain will be 65 years or over, double the present level.

Spain is therefore proposing to raise the state retirement age from 65 to 67, so said the Minister of Work and Immigration, Celestino Corbacho, in a statement to the press last week.

He said that it was the only possible way by which the country could guarantee the future of the pension system beyond 2030. He stated that “it is necessary to postpone the retirement age if we truly want to guarantee sustainability for the pension system in 25 or 30 years time”.

The Minister said that “this is not a done deal; it is not a piece of legislation” insisting that it will still be necessary to debate the proposals far more than has already been done. He said, “Once we reach a consensus and the broadest possible agreement, then that will be the time to establish the details regarding the scope of the pension reform”.

The very thought of having to work until the age of 67 brings a shudder down my back. As many of you will know, Pam and I took early retirement at 57 with a reduced pension. It certainly is not a decision that we have come to regret. The prospect of being in the classroom with young children at 67 is not something we would want to contemplate. For those working with people of a similar age it may be different.