Retirement age in Spain rises to 65 years and eight months

THE retirement age in Spain has risen to 65 years and eight months this year, in line with an agreement made in 2011 to progressively extend it to 67 by the year 2027.

However, anybody who reached 65 last year, having racked up a quota of 36 years and nine months, may retire without delay.

Otherwise, they must wait to retire at the legal age, eight months later.

The extension of the retirement age has been one of the most controversial measures to ‘guarantee the stability of the system’.

Alongside it, the limitation on the rise of pensions with the Revaluation Index was also implemented, putting an end to the increases with the CPI as was customary before. It condemned annual rises of 0.25 per cent, below inflation, so that pensioners lost purchasing power.

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