Spain experienced a paradigm shift in the aftermath of the 2008 economic crisis. Previously, early retirements were the norm, with workers typically leaving the labor market at the age of 60, enjoying substantial pensions. However, this scenario has undergone a dramatic change, as highlighted by a report from Euronews.
With the retirement age officially set at 65 and an average monthly pension of 1,000 euros, the population of individuals who choose not to retire has been steadily growing. This trend is particularly prominent among those whose pension falls well below the national average.
According to data from the Spanish National Institute of Statistics, the number of individuals aged over 70 who are still employed increased by 49% between 2008 and 2022. Presently, there are approximately 62,000 people within this age bracket who have not retired, marking a new record for Spain over the past five years.
Under Spanish law, individuals must have a minimum of 15 working years to be eligible for a pension. Failing to meet this requirement disqualifies them from receiving state support. However, even after meeting this criterion, many individuals continue working for as long as possible in order to enhance their pension earnings.
With the retirement age officially set at 65 and an average monthly pension of 1,000 euros, the population of individuals who choose not to retire has been steadily growing. This trend is particularly prominent among those whose pension falls well below the national average.
According to data from the Spanish National Institute of Statistics, the number of individuals aged over 70 who are still employed increased by 49% between 2008 and 2022. Presently, there are approximately 62,000 people within this age bracket who have not retired, marking a new record for Spain over the past five years.
Under Spanish law, individuals must have a minimum of 15 working years to be eligible for a pension. Failing to meet this requirement disqualifies them from receiving state support. However, even after meeting this criterion, many individuals continue working for as long as possible in order to enhance their pension earnings.