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The Spanish public pension system: current situation, challenges and reform alternatives

Pablo Hernández de Cos, Juan F Jimeno () and Roberto Ramos ()

No 1701, Occasional Papers from Banco de España

Abstract: The Spanish Social Security System’s deficit rose to 1.5% of GDP in 2015, in contrast to a pre-crisis surplus of 2.2% of GDP in 2007. This deterioration is primarily due to an increase in contributory pension spending (as a % of GDP), as a result of the rise in the dependency ratio, the increase in the pension replacement rate and the decline in the employment rate. Beyond this short-term situation, the Spanish public pension system, as is the case in other developed countries, faces major challenges arising from expectations of significant longevity gains and the attendant growth of the retirement-age population. In this context, this paper aims to contribute to the debate on the situation of the pension system through an analysis of its recent evolution, forward-looking projections that include the impact of the latest reforms and the challenges outstanding.

Keywords: pension systems; pension reforms; population ageing (search for similar items in EconPapers)
JEL-codes: H55 (search for similar items in EconPapers)
Pages: 50 pages
Date: 2017-01
New Economics Papers: this item is included in nep-age
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