The sustainability of the pension system in Spain
This document analyzes the sustainability of the pension system in Spain within the framework of the welfare state. It highlights that pensions are fundamental for providing economic security and reducing poverty among the retired population. However, it warns about the lack of resources to meet long-term pension obligations, with an aging population and other demographic factors as the main challenges.
This paper underlines that the financial strains of the Spanish pension system are evident, with a constant increase in retired people and pension expenditure over time, while affiliations to Social Security have a more volatile behavior.
The document manifests the direct relationship between demographic changes, such as an aging population, low fertility rate and the precariousness of the pension system. It points out that demographic projections indicate a higher proportion of dependent people compared to active contributors, questioning the system’s ability to maintain adequate benefits.
To address these challenges, the paper proposes rethinking the welfare state and adopting sustainable public policies that promote an equitable distribution of resources and emphasizes the importance of increasing the retirement age, extending working life and linking pensions to life expectancy.
SDG
PhD in business administration and management from the Polytechnic University of Catalonia. Master in Accounting and Financial Management and degree in Economics from the University of Barcelona. Academic director of the university master degree in Financial Management at UOC. Professor of Economics and Business Studies at UOC. Member of the Finance, Macroeconomics and Management (FM2) research group. For years, he has combined teaching in subjects related to the administration and management of companies at different universities with professional practice in the same field.