Quantitative reduction in retirement benefits by the 2011 Spanish Social Security reform

Manuela Bosch-Princep (Universitat de Barcelona) and Daniel Vilalta (Independent Pension Consultant)
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Daniel Vilalta (Independent Pension Consultant): Universitat de Barcelona

No 281, Working Papers in Economics from Universitat de Barcelona. Espai de Recerca en Economia

Abstract: The aim of this paper is to analyse the effect of the recent Social Security reform on public retirement benefits. The main measures af- fecting the calculation of pensions are: 1) extension of the retirement age from 65 to 67 years, 2) changes in covered earnings of the retirement pension, 3) changes in the weighting factor associated with the number of years of contributions to the system at date of retirement and 4) changes in the early retirement rules. The study distinguishes three group of pensioners and compares be- tween previous pension (benchmark pension) and the pension calculated under the new legislation. The reduction in public retirement benefits ranges between 0% and 16% depending on wages and the number of years of contributions at the time of retirement.

JEL-codes: H55 J62 (search for similar items in EconPapers)
Pages: 0 pages
Date: 2012
New Economics Papers: this item is included in nep-age, nep-eur, nep-lab and nep-pub
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