Next year comes with changes in the Spanish pension system due to the reform of the Minister of Inclusion, Social Security and Migrations, José Luis Escrivá, whose first leg has already been .
Among the changes that will come into force as of January 1, 2022, one of the central pillars of this first set of reforms is the modification of early retirement, subject to various modifications that aim to “align the effective retirement age to the ordinary one” and “reinforce the fairness of the system”, according to Escrivá assured several months ago.
One of the most important variations is the change in voluntary early retirements, those that can be made up to two years before the normal retirement age. After the reform, there will be new pension reduction coefficients resulting from anticipating retirement and which from next month will be monthly (instead of quarterly) and will be applied to the amount of the pension (instead of on the regulatory basis).
These new coefficients have been designed with the intention of penalizing early retirements that take place a few months before the ordinary retirement age and in cases of later retirement. Thus, those for this new system are those that take place 23 and 24 months in advance and between one and three months in advance.
On the contrary, thanks to this new system, other early retirements with lower reduction coefficients: those that take place between 13 and 19 months in advance of the retirement age.
The new reduction coefficients remain divided into four groups based on the years previously contributed (with more years, lower coefficients) and can be consulted in the text of the bill that was .
In the case of those workers with high salaries above the maximum pension, they will have the same coefficients as the rest of early retirees (until now their pension was reduced by 0.5% per quarter), although this application will be from 2024 and on a ten-year progressive calendar.
Another of those affected will be early retirement derived from an involuntary termination of work, also known as involuntary early retirement. These retirements, which can take place up to four years before the ordinary retirement age, are due to worker dismissals caused by business restructuring situations.
Involuntary early retirements will also have new reduction coefficients, equally monthly and applied to the amount of the pension. Said voluntary early retirement coefficients vary depending on the years previously contributed, but provide for reductions of between 24% and 30% with the maximum advance payment, between 18% and 22.5% three years in advance, between 12% and 15% two years in advance and between 4.75% and 5.5% one year in advance.
In addition, workers may take advantage of the voluntary early retirement coefficients when they are more favourable. All in all, the reform has improved the coefficients of the last six months to make them more attractive. In parallel, voluntary early retirement workers will be able to take advantage of the involuntary coefficients in those cases in which they were receiving three months of unemployment benefit.
Aspects of the , those that due to their hardship, dangerousness or toxicity have special early retirements (this is the case of miners, pilots and flight personnel, firefighters, bullfighters, artists, local police…) will also be retouched.
Thus, the procedures of reduction coefficients for each (individual) profession will be reviewed in a maximum of 10 years and, in the same way, the indices of danger, hardship and toxicity that determine access to these particular early retirements will be updated.
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