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Pension Reform in Spain

Pensioners play dominoes at a seniors centre during the International Day of Older Persons in Ronda, near Malaga.

Spain to Go Ahead with Long-Awaited Pension Reform

Spain is moving forward with a long-awaited pension reform which will tightly restrict index-linking of pension payouts and aims at saving 33 billion euros over the next decade. Rises in pension payments will no longer be automatically indexed to annual inflation.

This is something the European Union have demanded for years but Prime Minister Mariano Rajoy had resisted until now to avoid upsetting some 9 million pensioners.