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The Spanish pension system: an update in the wake of the pandemic Banco de España contribution to the Committee on the Monitoring and Assessment of the Toledo Pact Agreements. 2 september 2020

Author

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  • Pablo Hernández de Cos

    (Banco de España)

Abstract

In 2017 the Banco de España published an Occasional Paper (DO 1701) describing the institutional framework of the pension system, setting out the main medium-term challenges and analysing some reform alternatives. In this paper the Governor updates the foregoing analysis for the Committee on the Monitoring and Assessment of the Toledo Pact Agreements on the basis of the latest figures and regulatory developments. He considers alternatives for reforming the pension system based on their impact on its financial sustainability and overall public finances; on employment, productivity and the economy’s potential growth; and on the system’s sufficiency and inter- and intra-generational equity.

Suggested Citation

  • Pablo Hernández de Cos, 2021. "The Spanish pension system: an update in the wake of the pandemic Banco de España contribution to the Committee on the Monitoring and Assessment of the Toledo Pact Agreements. 2 september 2020," Occasional Papers 2106, Banco de España.
    • Handle: RePEc:bde:opaper:2106e
    as

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    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/21/Files/do2106e.pdf
    File Function: First version, February 2021
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    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/21/Fich/do2106.pdf
    File Function: Spanish version
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    More about this item

    Keywords

    pension system; reform proposals; Toledo Pact; Social Security balance; population ageing; contributory pensions; social contributions; sustainability factor; public finances; pay-as-you-go public contributory system; pension schemes; real-estate saving; gender gap; pandemic;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • J71 - Labor and Demographic Economics - - Labor Discrimination - - - Hiring and Firing

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