- A correction to the 2009-2013 Stability Plan was submitted to Brussels in order to eliminate a given example that may lead to misinterpretation
The Government has sent a correction to the European Commission this morning of the Update of the 2009-2013 Stability Plan.
A final section is included in the Programme on the long-term sustainability of public finances incorporating a projection on the hypothetical result of delaying the retirement age and extending the period for calculation of pensions. Given that this simulation could be interpreted as a concrete proposal, the example has been eliminated from the document, and this has been forwarded to the European Commission.
This paragraph now reads as follows: "In accordance with the studies available for Spain, the impact of these measures on the projections of cost associated with ageing may be very significant. Specifically, each year that the legal retirement age is delayed, the cost of pensions would reduce the GPD by one point; for each year that the number of years to calculate the pension is increased, an additional reduction of 0.2 percentile points could be obtained. That would mean a very substantial improvement in the sustainability indicator (S2) that the European Commission prepared."