Ada Colau proposes 65-year retirement age and minimum pensions tied to SMI

Ada Colau, representing the Frente Amplio coalition, has proposed two major reforms to the Spanish pension system: setting the maximum retirement age at 65 and ensuring no pension falls below the Interprofessional Minimum Wage (SMI), currently 1,221 euros per month.

Speaking during a public pension defense demonstration in Madrid, Colau argued that pensions must rise in tandem with the SMI to account for the increasing cost of living. The coalition noted that approximately 4.6 million pensioners currently receive less than the SMI, and two million receive less than 900 euros monthly. The proposal also highlights gender inequality, noting that two out of three retired women earn less than 1,000 euros.

To fund these measures, which the coalition estimates would cost 20,000 million euros annually, Frente Amplio suggests increasing effective taxation on large corporations and implementing a 2% wealth tax on assets exceeding one million euros.