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Reuters
Reuters
Business

Spain's parliament approves revenue-focused pensions overhaul

Pensioners walk along a street in Ronda, Spain, March 30, 2023. REUTERS/Jon Nazca

Spain's parliament on Thursday endorsed government-proposed changes to the pension system that increase contributions for nearly 11 million pensioners, putting most of the additional cost on the country's highest earners and their employers.

In contrast with France, where fierce, cross-sectoral protests have raged for weeks over the government's push to extend the retirement age by two years to 64 and cut some benefits, the Spanish plan focuses on increasing revenues through tax hikes.

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