Spain: new incentives to postpone retirement

Featured image of the article Spain: new incentives to postpone retirement

An article by Cécile Thibaud

Publication

17 May 2023 à 13h44

Reading time

3 minutes

Publication: 17 May 2023 à 13h44

Reading time: 3 minutes

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On 16 May Spain’s government approved a decree making retirement options more flexible in a bid to encourage employees to voluntarily postpone their retirement dates beyond the legal retirement age. Those who decide to continue working beyond the legal retirement age will benefit from both a bonus at the time of their departure and a 2% increase in their pension benefits per year postponed.

An article by Cécile Thibaud

Publication

17 May 2023 à 13h44

Reading time

3 minutes

Publication: 17 May 2023 à 13h44

Reading time: 3 minutes

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The Ministry of Inclusion, Social Security and Migration has introduced a new formula that combines benefits that have already been separately implemented and it notably allows employees to take up two previously entirely separate procedures. ‘Late’ retirees will be able to receive both a departure bonus when they retire and a 2% increase in their pension for each year they postpone beyond the legal retirement age.

A blended formula

‘Those opting for this new formula and delaying retirement for b

…
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Article authors
Featured image of the article Cécile Thibaud
Cécile Thibaud Correspondent in Spain
Featured image of the article Cécile Thibaud

As Madrid correspondent for mind RH since 2021, I cover news developments in Spain's world of work, focusing on legal developments and collective bargaining, particularly around work-life balance, equality and inclusion policies, which have been hot topics in the country in recent years.

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