Spain raises retirement age to 67
* From: AFP
* January 29, 2011 1:15AM
Spain retirement
Spanish people will have to wait longer to retire to the coast under new plans to raise the retirement age from 65 to 67. Picture: Sergio Torres Source: AP
SPAIN'S government has agreed to raise the retirement age to 67 from 65.
It has been a bitterly fought reform aimed at repairing public finances and soothing markets.
Closely watched by markets as a sign of Madrid's determination to keep long-term spending on track, the outline deal was reached after one-and-a-half months of talks with unions and business chiefs.
An agreement with the country's two major unions was reached in the early hours of yesterday ahead of the cabinet meeting.
"The deal is important," Deputy Prime Minister Alfredo Perez Rubalcaba said on a day Spain announced a 13-year record unemployment rate of 20.33 percent at the end of 2010.
"It seeks to confront the great problem of Spanish society: economic recovery and job creation, that is the heart of it."
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Related Coverage
* Spain vows to lift retirement age to 67 Herald Sun, 1 day ago
* Aussies want compulsory super lifted Perth Now, 7 Dec 2010
* Retirement is the elephant in the room The Australian, 6 Dec 2010
* Are you ready to retire? The Daily Telegraph, 21 Nov 2010
* Retirement fund overhaul is long overdue The Australian, 20 Jul 2010
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Under the outline agreement, the retirement age will be gradually raised from 65 to 67, but with a list of exceptions:
-- Special treatment for women who stop work to look after children.
-- Retirement before 67 for workers in dangerous or arduous jobs.
-- Full pension at 65 for workers with 38-and-a-half years of contributions, and lower pensions for those who retire at 65 with fewer contributions.
-- Early retirement from 63 but with a lower pension for those who have at least 33 years of contributions. And retirement from 61 in "crisis situations" for those with at least 33 years of contributions, also at less than full pensions.
The reform will be implemented between 2013 and 2027, with an extra month of contributions each year for the first six years, and an extra two months a year of contributions thereon.
* From: AFP
* January 29, 2011 1:15AM
Spain retirement
Spanish people will have to wait longer to retire to the coast under new plans to raise the retirement age from 65 to 67. Picture: Sergio Torres Source: AP
SPAIN'S government has agreed to raise the retirement age to 67 from 65.
It has been a bitterly fought reform aimed at repairing public finances and soothing markets.
Closely watched by markets as a sign of Madrid's determination to keep long-term spending on track, the outline deal was reached after one-and-a-half months of talks with unions and business chiefs.
An agreement with the country's two major unions was reached in the early hours of yesterday ahead of the cabinet meeting.
"The deal is important," Deputy Prime Minister Alfredo Perez Rubalcaba said on a day Spain announced a 13-year record unemployment rate of 20.33 percent at the end of 2010.
"It seeks to confront the great problem of Spanish society: economic recovery and job creation, that is the heart of it."
Start of sidebar. Skip to end of sidebar.
Related Coverage
* Spain vows to lift retirement age to 67 Herald Sun, 1 day ago
* Aussies want compulsory super lifted Perth Now, 7 Dec 2010
* Retirement is the elephant in the room The Australian, 6 Dec 2010
* Are you ready to retire? The Daily Telegraph, 21 Nov 2010
* Retirement fund overhaul is long overdue The Australian, 20 Jul 2010
End of sidebar. Return to start of sidebar.
Under the outline agreement, the retirement age will be gradually raised from 65 to 67, but with a list of exceptions:
-- Special treatment for women who stop work to look after children.
-- Retirement before 67 for workers in dangerous or arduous jobs.
-- Full pension at 65 for workers with 38-and-a-half years of contributions, and lower pensions for those who retire at 65 with fewer contributions.
-- Early retirement from 63 but with a lower pension for those who have at least 33 years of contributions. And retirement from 61 in "crisis situations" for those with at least 33 years of contributions, also at less than full pensions.
The reform will be implemented between 2013 and 2027, with an extra month of contributions each year for the first six years, and an extra two months a year of contributions thereon.
