Checks of up to 6,000 euros and 2% more pension for delaying retirement by one year

Retiring later than the legal age has new rewards. The Government approved this Tuesday a new route for those who choose to delay their retirement: combine the two incentives that have been in force since January 2022, as planned in the first phase of the pension reform but which had not yet been developed . If currently those who retire late could choose between collecting a 4% pension or an immediate check of up to 12,060 euros for each year of delay, from this Wednesday a mixed formula comes into force that allows them to simultaneously receive a benefit 2% higher and a check of up to 6,030 euros for each year of withdrawal. Starting eleven years after retirement, the incentive will be a single payment applied to five years of the delayed period and an increase of 2% of the pension for each year of delay.

Minister José Luis Escrivá defended in the press conference after the Council of Ministers that delaying the effective retirement age is “the most effective measure to ensure the sustainability of pensions.”

With this mixed formula, a person with 35 years of contributions and an initial pension of 1,500 euros who has retired two years after the legal age would receive an extraordinary payment of 7,707 euros and, in addition, their pension would grow to 1,560 euros per month life

Escrivá highlighted that with the entry into force in 2022 of these checks, which have reached more than 200,000 euros in some specific cases, delayed retirement has been promoted and now accounts for 7.8% of new retirement registrations in the first months of 2023.

The Government also gave the green light to another royal decree that softens and makes early retirement more flexible for people with a disability greater than 45%. The new rule reduces from 15 to 5 the years of contributions required from the diagnosis of the disability to access retirement from the age of 56, being necessary to have worked an effective time equivalent to the minimum contribution period. In addition, the same regime will also apply to people who have more than one disabling pathology if, together, they exceed 45% disability. Furthermore, from now on it will be allowed to add several ailments when proving that 45% disability is reached and it is planned to include new disabling pathologies to the list.

Likewise, the accreditation of the disability may be carried out, in addition to certification from the Imserso or the autonomous communities, through a medical report that certifies that one has suffered from any of the pathologies contemplated and the date of onset or manifestation thereof. On the other hand, a new, more agile and simple procedure is launched to update the list of pathologies, so that it will be included in the annex to the standard and can be modified by Ministerial Order of the Ministry of Inclusion.

Thanks to these measures, Social Security plans to double the number of people with disabilities who will be able to benefit from early retirement and estimates that in ten years some 6,000 people will benefit.

Criticism of the CEOE

Almost at the same time that these measures were announced, the Institute of Economic Studies (IEE), the ‘think tank’ sponsored by the CEOE, presented a study in which it attacked Escrivá’s pension reform and warned that the increase of contributions that it imposes will cut the Gross Domestic Product (GDP) by 0.6% and destroy between 100,000 and 190,000 full-time jobs.

The IEE also warned that the pension reform “deteriorates” the contributory nature of the system and intergenerational equity due to the disconnection between maximum pensions and maximum bases, since the former will grow at a much lower rate than the latter. «This will mean cumulative increases about twelve times higher in contributions than in pensions. This situation, together with the additional solidarity contribution, translates into a clear break in the contributory nature of the contributions,” the IEE stressed.

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