there is a predisposition
The year’s second half will see the rollout of a new law on public funds and pensions, a rule designed to popularize bulk savings plans. Previously, such schemes were largely the province of large firms, offered through proprietary formats and accompanied by hefty bank commissions. The intent is to make these products accessible to small and medium enterprises and self-employed individuals, broadening participation beyond the few big players. Yet the spirit of the measure, shaped by the Minister of Inclusion, José Luis Escrivá, collides with a prevailing ignorance among small and medium enterprises in their early stages, pointing to a knowledge gap that could hinder uptake.
Even though the Cortes has approved the new law, regulatory development remains pending, and the financial structure of the savings mechanism awaits completion. A survey conducted by till reveals a surprising information gap: two out of three SMEs and self-employed respondents in Catalonia report not knowing what a pension scheme is. The data also show that only 4 percent of workers asked their manager about such products or services. The survey drew from 450 companies nationwide and 100 in Catalonia, underscoring a national and regional discrepancy in awareness.
“Unlike in other countries, the culture of these collective savings schemes is very limited here,” notes the secretary general of Pimec, Joseph Ginesta. The new rule positions these funds as the primary gateway, enabling sectoral entities to promote public pension funds through industry agreements rather than each firm creating its own scheme. Merging savings across different sectors could improve profitability. If social agents do not recognize this as a vital bargaining tool, the initiative may struggle to take hold, warns Montserrat Guillén, an economics professor at the University of Barcelona.
Catalan employers acknowledge the current bargaining landscape, marked by recession risks, inflation, and wage pressure. This context makes them cautious about implementing these plans and pushes for a more flexible approach to help SMEs merge under gentler terms. Still, Guillén points out that a rise in interest rates from central banks could offset gains, since the cost of money and returns on savings products are likely to rise. She adds that the tax incentives attached to these collective funds are more favorable than those for private plans, making public or collective arrangements an attractive alternative to individual savings options.
The data from Caser indicate a real interest among firms to leverage collective and public savings mechanisms that promise lower borrowing costs and better savings outcomes. In Catalonia, 73 percent of SMEs show interest in offering savings products to employees, a notably higher figure than the national Spanish average of 57 percent. Yet despite the evident predisposition, only about 7 percent have formalized a long-term savings mechanism, highlighting a gap between interest and actual implementation.
At the state level, unions stand as the only sector that has signed agreements to direct a portion of workers’ salaries into collective savings arrangements, effectively creating a kind of public funding channel. These resources tend to come from industries that are less labor-intensive, such as manufacturing, office services, and consultancy. Bargaining beyond basic salary and hours of work suggests that these savings arrangements could become a cornerstone for public funding. Conversely, in sectors characterized by lower wage growth, negotiators may hesitate to sacrifice potential salary increases in favor of saving products, complicating adoption. The overall picture shows a pathway to public funds becoming more common, while practical hurdles remain and the cultural shift is still in progress, requiring ongoing alignment among policymakers, employers, and workers.