Spain is hoping to entice people to prepare for retirement with a voluntary saving plan as it tries to wean them off relying solely on state pensions.
The aim is to set up a fund run by private investment companies by the end of the year, offering Spaniards an affordable alternative to supplement their public pension. But unlike some other countries, the system will require workers to opt in rather than being automatically enrolled.
“We think there’s a group of middle- and low-income Spaniards who will be interested in a boost to their lifetime savings, which can complement their public pension,” Jose Luis Escriva, the social security minister for Spain’s Socialist-led government, said in an interview.
Author(s): Jeannette Neumann
Publication Date: 19 February 2021
Publication Site: Yahoo Finance