Workers encouraged not to retire but to carry on working

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Minister Escriva
Minister Escrivá made the announcement Credit: La Moncloa flickr

IN a bid to postpone a further drain on the Spanish economy during this time of pandemic, José Luis Escrivá, the Minister for Inclusion and Social Security is encouraging those who are about to reach pensionable age to continue working.

By way of a bonus for those who decide to do this, he is offering a 4 per cent increase in the pension to be paid for each year of additional work that is undertaken, provided that those involved have contributed fully to social services during their careers.

Whilst this is a positive way of saving money on one hand, with fewer jobs available for the young, there will be unemployment benefits to be paid, but it seems that calculations show that it is cheaper for the State to pay the young unemployed than pay full pensions to the newly retired.

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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.

Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.

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