New retirees are now receiving 1,826 euros per month: more than six out of ten workers in Spain
Spain has one of the highest replacement rates for retirement benefits of OECD countries: 80% of the last salary for an average worker.
Spain has one of the highest pension replacement rates in the OECD, at 80% of the last salary for an average worker. In August, new retirees in the general regime received an average pension of €1,826 per month, or €2,130 in 12 payments. This amount is expected to increase as the baby boom generation retires, but it also puts pressure on the Social Security system's finances, which has a annual deficit of €60 billion covered by state transfers.
The pension system may face challenges due to Spain's low birth rate, which is projected to remain one of the worst globally, with 1 child per woman expected in 2050.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
