Europe pressures Spain to increase pension age beyond 67 years
Wednesday, July 10, 2013 @ 6:38 PM
THE European Commission is calling for Spain to increase State retirement age even further because the Social Security pot is running dry.
Vice-president of the EC's department of economics, Ollie Rehn, says the country needs to raise minimum pension age higher than the relatively recently-approved 67 years 'in line with higher life expectancy' and to 'guarantee that the government will be able to pay State pensions'.
According to Rehn, Spain's Social Security fund is 'in deficit' and that it paid out 10.1 per cent of its GNP in pensions in 2010, which will rise to 13.7 per cent in 2060 – above the average for the rest of Europe as a whole.
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