Only a quarter of the Spanish companies, specifically 26.8%, has social security plans for your employees. The financial sector is the most active in this matter since 61.8% of companies have pension plans, as opposed to transport and logistics, in which only 5.3% have this type of instrument to supplement the retirement of its employees, according to the ‘V Report on the Situation of Pensions in Spain’ published by the consulting firm KPMG. 439 companies have participated in the study since this exercise began, both locally, Spanish multinationals and subsidiaries of foreign multinationals, with very little representation of SMEs in the sample. Including the latter, the percentage of companies with social security plans would be significantly lower.
Other areas of activity that have pension plans are energy companies, with 48%, and chemical and pharmaceutical companies, with 40.5%. In the latter case, it should not be forgotten that the general collective agreement of the chemical industry, approved in July of this year, includes the commitment to set up a study commission to analyze the viability and, where appropriate, the convenience of addressing the promotion of an occupational pension plan of a sectorial nature, an accident insurance or a life insurance for workers in the sector.
For KPMG “there is still a long way to go in the development of complementary social security in Spain”. 55% of companies acknowledge that they have on their agenda the taking of measures to plan the retirement of their employees in the medium term, as a result of the fact that there is a growing demand from employees to their companies so that they implement retirement plans. One of the great problems of companies is to do without older employees and high salaries when the agreement has not provided for mandatory retirement. The establishment of company pension plans could minimize the impact on the accounts of the departure of the oldest employees.
In general terms, 79% of companies would be willing to make a contribution on the salary of their employees with the aim of allocating it to savings for their retirement, although, nevertheless, 46% have indicated that currently they are not given. the economic conditions to carry them out at this time.
Álvaro Granado, director responsible for the Pensions area of KPMG Abogados, has assured that, “economic circumstances being the main reason for not promoting pension plans from companies, there are several solutions in the market to develop collective social security without compromise the sustainability of the companies themselves. Furthermore, the lack of information constitutes a brake on the growth of complementary social security in Spain “.
4% for staff, 20% for managers
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Regarding amounts allocated to contributions, most companies have formulas consisting of a fixed percentage of the pensionable salary, in most cases equivalent to the gross fixed salary, which is usually around 4%. Half of the companies with defined or mixed contribution plans aimed at the entire workforce require a contribution from the employee in order to be entitled to the company’s contribution, so that the most common is for the company to double the mandatory contribution of the employee.
The report also reflects that 9% of companies offer plans aimed at managers who usually have contributions that range between 15% and 20% of the manager’s salary. Obviously, if contributions of this level were made for the entire workforce, with the possibility of transferring this fund to other companies, the labor market could gain flexibility and the rejuvenation of workforce would be more feasible in healthy companies. According to the report on the remuneration of the directors of the Ibex 35 companies prepared by KPMG Abogados, 74% of the Ibex 35 companies have social security plans aimed at directors. In 2020, 24% of the Ibex 35 companies with retirement plans for their directors have not made contributions. Regarding financing vehicles, it can be said that the proportion between pension plans implemented through occupational pension plans and through insurance policies is quite balanced.
Reference-www.elperiodico.com