Quantitative reduction in retirement benefits by the 2011 Spanish Social Security reform
AbstractThe 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.
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Bibliographic InfoPaper provided by Universitat de Barcelona. Espai de Recerca en Economia in its series Working Papers in Economics with number 281.
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Date of creation: 2012
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Find related papers by JEL classification:
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
- J62 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Job, Occupational and Intergenerational Mobility; Promotion
This paper has been announced in the following NEP Reports:
- NEP-AGE-2012-06-25 (Economics of Ageing)
- NEP-ALL-2012-06-25 (All new papers)
- NEP-EUR-2012-06-25 (Microeconomic European Issues)
- NEP-LAB-2012-06-25 (Labour Economics)
- NEP-PUB-2012-06-25 (Public Finance)
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