The Socialists have outlined a comprehensive plan for the upcoming general election on 23-J, aiming to safeguard pension purchasing power by pegging benefits to the Consumer Price Index and anchoring protections within the Constitution. The program also commits to steadily replenishing the pension reserve to secure long term sustainability and to keep pensions fair for future generations. A pledge is made to allocate more than 20,000 million euros to the Social Security Reserve Fund in 2027, underscoring a clear priority on financial stability for retirees.
The campaign emphasizes restoring the central role of Social Security Reserve Fund funding through an equity-based mechanism. The aim is to ensure predictable surpluses over the coming years that strengthen poverty reduction and program effectiveness. The plan also proposes a gender gap reduction as a supplementary wage policy, with a targeted increase of 10 percent in 2026-2027 to advance equity in retirement benefits.
In addition, a 10 percent uptick in the supplemental amount is planned for 2024-2025, with another 10 percent scheduled to be implemented every two years to continue narrowing gender disparities in pensions.
New early partial retirement formula
The proposal includes the development of new pathways for partial and active retirement designed to offer greater flexibility and more opportunities for a gradual, voluntary exit from the labor market. Specifically, the PSOE aims to approve a renewed early partial retirement model that preserves the quality of employment for workers with unstable contracts and that acknowledges activities that have been heavily feminized, particularly at certain ages.
Plans also call for completing an early retirement framework for especially arduous or demanding professional activities, with a strong emphasis on addressing gender dimensions. For each birth or adoption, both parents would receive a one-year period of pension contribution, enhancing future retirement prospects without altering the existing benefit structure in the short term.
Moreover, the Socialists intend to continue the full implementation of the Toledo Pact recommendations, improving orphan and widows pensions to support vulnerable families and individuals, while ensuring a fairer distribution of benefits across needy groups.