Inquiring minds are watching the Iberian Peninsula where Spain becomes yet another government having to cut pensions on workers:
After weeks of intense negotiations the government and the unions reached an initial agreement on the pension reform, prior to the final one, that should be announced in a statement broadcast by the government in the next hours. According to the agreement reported today by the media, workers with 38.5 years of contributions will be able to retire at the age of 65, while the pension age for others will be raised from the current 65 to 67. The minimum age for early retirement will be raised from 61 to 63. The draft agreement was achieved late last night in the Moncloa during a meeting that saw the intervention of the president of the government, José Luis Rodriguez Zapatero; the minister of labour, Valeriano Gomez; the general secretaries of the CcOo and Ugt unions, Ignacio Fernandez Toxo and Candido Mendez, and the president of the Confederation of Industrialists, Joan Rosell. Should it be signed, the agreement will offer a breath of oxygen to the government led by premier Zapatero, which would achieve the first social agreement for the legislature during a difficult period in which, because of the crisis, it is plummeting in surveys. However, the minister of Infrastructures, José Blanco, stated that there “are still hurdles to overcome” before making the agreement official.
This won’t be the only, or the last, cut in pension benefits…either for Europe in general, or Spain specifically.
This is only the beginning.
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