For some time now we do not lose detail of what happens with pensions since various voices warn that their future is in danger. Specifically, the Treasury will now lend 15,000 million to Social Security for the payment of pensions. But it is not the first time that the State has resorted to this ruse to get out of the trance, as it already did in 2017. On that occasion he applied for a loan of 10,000 million.
In our online loan comparator we are very attentive to the news and have compiled the most interesting. Here they go.
Only 8,095 million euros remain in the pension piggy bank
The truth is that it was in 2012 when the Government decided for the first time to pull the so-called pension bank to pay for concepts such as the extraordinary Christmas of retirees. Since then, what was supposedly a punctual situation with no signs of repeating itself, returned repeatedly year after year. In this way 70,851 million have already been used; that is, almost 90% of the total. Specifically, of the 66,000 million existing in 2011, the fund has now been reduced to 8,095 million euros.
Obviously our current pension system has the days counted and it is already estimated that, to meet your payment, the Government must subtract money from areas such as Health and Education in the Budgets that will be directed to our pensioners.
What exactly is the forecast of future workers?
Experts do not stop doing their calculations in order to find out if the accounts come out or not. Let’s not forget that we currently have more than two contributors per pensioner, but in 2050 it is expected that there is hardly a person working for each retiree. In sum, this lack of workers will result in lower pensions.
The truth is that our country will be among the oldest in the world. In fact, according to the Organization for Economic Cooperation and Development (OECD), Spain, together with Japan, will be the country with the highest volume of people over 65 years. Specifically, the calculations speak of 77 per hundred inhabitants of working age in 2050. There are currently 31.
How do we solve the payment of pensions?
The political parties are aware of the problem ahead. Therefore, many already prepare their own recipes to solve this difficult situation. Thus, the leader of the PSOE, Pedro Sanchez, considers that the end taxes imposed on the Bank can get us out of it. The socialist has put on the table the creation of two levies: one for financial transactions and another extraordinary on the benefits obtained by the bank.
In Sanchez’s opinion, the income from both taxes would be between 800 and 1,000 million euros per year.
We don’t want to raise contributions to Social Security. We do not want to raise the cost of labor or hiring. We want to open new channels, ‘Sánchez said about it.
A priori sounds good, but once again, criticism is served. The spokesman of Economy of Citizens in the Congress, Toni Roldán, predicts that such taxes will end up having repercussions in the pocket of the consumer to whom the banks will fry – if we are allowed the expression – to commissions and rates. In addition, there is a risk that banks, not content with these taxes, end up moving their headquarters to a third country and, in this way, avoid the cumbersome tax.
We have already seen the issue of Catalonia that banks have no problem changing their registered office if their interests are at risk.
The solution, the business plans?
If we stop proposing parties and stick to the opinions of the most reputable experts, we should pay attention to the Melbourne Mercer Global Pension Index. This index is responsible for rating each year the level of pension systems in different countries of the world. After years of study, he has concluded that the best model is found in Denmark, Holland, Australia, Finland and Sweden.
In these five countries, there is a public pension system with more or less moderate coverage that is supplemented by mandatory or semi-mandatory business plans. In addition, a third voluntary pillar of individual savings is planned as pension and insurance plans that have significant tax incentives. However, of the business plans we hardly find a trace in Spain because its implementation is scarce.