The Spanish pension system is built on three pillars, which are as follows:
All Spanish residents who work there are eligible for the first pillar of the country's pension system, which is supported by mandated contributions and contains provisions for survivors' benefits.
Pensions for enterprises and employees second pillar, where the employer sets the conditions and accessibility.
The first pillar of the Spanish state pension has two categories under which people may submit claims for payments. Those are:
a contributory pension based on employment and social security contributions in Spain; a non-contributory pension to cover basic living expenses for residents who are not eligible for further pension support. This mostly benefits families with low incomes and people who have disabilities.
Who is eligible for pensions in Spain?
Spanish retirement age
The age of eligibility for Spain's state pension will increase from 65 to 67 by 2027 as a result of the 2013 reforms. The retirement age increased by one month year till 2018. It then expands by two months every year after that. Early retirement is not permitted willingly in Spain. You can retire two years earlier if you've made at least 35 years of contributions and complete the requirements. Furthermore, if you've accrued enough payments, you can be qualified to receive pension spain for a full Spanish pension as early as age 60 in some cases or as early as age 52 in others, such as for those who have been wounded on the job or for those who work in hazardous occupations like firefighters. Early retirement options in Spain also include partial and flexible retirement.
Who is qualified to get a pension in Spain?
To qualify for the minimum state pension in Spain, you must have worked and contributed to social security for at least 15 years. Two of these years must also be included in the 15-year period immediately before the pension application.