The

Organization for Economic Cooperation and Development (OECD)

has warned of the impact that the aging of the population will have on the "financial sustainability" of the Spanish pension system, according to the annex for Spain of the biennial report 'Pensions at a glance ', published this Wednesday.

The document explains that the income of those over 65 is equivalent to around 96% of the average income of the total population, which is eight percentage points more than in the OECD as a whole.

Furthermore, in Spain this ratio has grown by 11 points compared to 2000, which means that the income of the elderly has grown at a higher ratio than that of the rest.

The OECD considers that this increase is due in large part to the fact that

pension spending per retiree has grown at a rate much greater than the average salary.

In this sense, although demographic changes have registered a lag with respect to the rest of the OECD countries, aging "will now accelerate at a very rapid rate, putting strong pressure on financial sustainability," the agency has warned.

In its comparative analysis, the Paris-based institution considers that the conditions for achieving a full retirement pension are "lax" when compared internationally.

While in 2027, a worker can retire at 65 with a full pension if they have contributed 38.5 years, in France 43 years of contributions are required, while in Germany 45 years are necessary.

In addition, the OECD has emphasized that in most countries the total of the working career is taken into account to calculate the pension.

In the EU, only

France, Slovenia and Spain

use a time horizon of 25 years or less.

The 'think tank' of developed countries has also shown that the repeal of the sustainability factor has caused the

replacement rate of pensions to grow to 89%

, compared to the 62% average for the OECD.

"This high replacement rate will be eligible at 65, while the same level required working until age 69 in the Netherlands, Italy would have 82% at 71 and Denmark 84% at 74," he said. highlighted by the OECD.

The agency has also exemplified that the repeal of the pension revaluation index and the sustainability factor and its replacement by indexation to the CPI and by the intergenerational equity mechanism, respectively, "illustrate that a policy consistent over time requires broad political consensus before its implementation ".

In the full report, the OECD has warned this Wednesday, at a general level and without specifying any country, that the future of pension systems depends on the decision to raise

contributions, extend the retirement age or reduce the pensions.

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