ECONOMY

Actual retirement age in Spain rises due to new labor restrictions

Age at which people stop working increases on average to 64.3 in 2013 Number of people retiring at legal age rises 10.4 percent

Labor Minister Fátima Báñez with the chairman of the foundation Fundación de Estudios Financieros, Juan Carlos Ureta.
Labor Minister Fátima Báñez with the chairman of the foundation Fundación de Estudios Financieros, Juan Carlos Ureta.Chema Moya (EFE)

The effective retirement age in Spain increased while the number of people taking early retirement decreased last year after further restrictions were placed on this possibility in March 2013, according to figures released Tuesday by Labor Minister Fátima Báñez.

The average age at which people ceased to work rose from 63.9 years to 64.3 years in 2013, while the number of people who retired at the stipulated legal age rose by 10.4 percent. The official retirement age in Spain is currently being raised in a phased fashion from 65 to 67.

Báñez said the number of people who took early or partial retirement last year fell 6.5 percent from 2012, while the number of people opting to combine receipt of some pension rights while continuing to work came to 9,094, of whom 83 percent were freelance workers.

The restrictions include requiring companies offering employees the possibility of early retirement to foot the bill for their unemployment benefits and Social Security contributions until they reach the legal age of retirement.

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