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Unions and government unlock biggest pension deal in a decade

Retirees from Cádiz and Bilbao, arriving at a national protest for pensions in Madrid in 2019. (Photo: NurPhoto via .)

At last, there is an agreement on pensions. The three-way negotiation between the government, employers and unions has borne fruit, after weeks of intense negotiations. As reported by Cadena SER on Wednesday, “the last obstacle that was preventing the agreement has been unlocked, which centered around the repeal of the Sustainability Factor, the mechanism devised by the 2013 PP reform that proposed the adjustment to the lowering of the new pensions if life expectancy increased ”.

The entry into force of this mechanism was initially scheduled for 2019, it was set as a horizon of 2023 and in the end it will be finally repealed before making its effects felt, as agreed in the negotiations in recent hours.

What would now remain, says the SER, are “minor fringes” that must be agreed at a final negotiating table, scheduled for next Monday. The solemn signing of the agreement will take place next week. The agreement is the most important of those reached in terms of pensions since the former socialist president José Luis Rodríguez Zapatero with employers and unions in 2011. Therefore, an act with the highest level of representation is expected.

This article originally appeared on The HuffPost and has been updated.

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