In order to strengthen the pension system, this week the Government and unions have agreed to an increase in Social Security contributions. With a rise of 0.6 points over 10 years (0.5 in charge of the employer and 0.1 of the worker) it is intended to create a protection cushion, a reserve fund, to face the arrival of the baby boom generation ‘at retirement age. It is estimated that in this decade will be able to accumulate about 50,000 million of euros. The piggy bank, which stood at 67,000 million in 2011, has basically been emptied due to improper expenses, which, from a systems separation point of view, should have been met with resources from general budgets.
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Reference-www.elperiodico.com