Tuesday, 7 May 2013

Government plans to extend retirement age beyond 67

MADRID Despite protestations to the contrary last year, the Government has admitted that it is studying the possibility of extending the mandatory retirement age beyond 67. A document handed over to the Pacto de Toledo points to the fact that sustainability of the pensions system might be dependent on 'indexing' in a way other than today's measurement of the CPI (Consumer Price Index) figure for the month of November every year. A committee has until the end of this month to come up with a definition of the sustainability factor that could well mean that the retirement age is pushed back beyond 67, which at present is to be in place by 2027.

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