25,000 Rally in Madrid Over Pension Costs Ahead of Vote
Spain's monthly pension spending hit a record 14.5 billion euros this year as demonstrators marched to keep payments tied to inflation.
By Chioma Brooks ·
About 25,000 people marched through Madrid on Saturday, October 24, from Atocha station along Gran Via, carrying banners reading "protect and guarantee our pensions." The gathering came ahead of next month's general election.
Demonstrators traveled from across the country. They want retirement payments to stay indexed to inflation and called for the gender pension gap to be closed. Many voiced concern that the scheme could change depending on the vote's outcome.
Emilio Delgado, deputy spokesperson of the left-wing Mas Madrid party in the Assembly of Madrid, posted support on X: "no pension should be below the minimum wage. A lifetime of work deserves a dignified retirement."
Spain's monthly pension bill reached a record 14.5 billion euros, or $16.2 billion, this year. An ageing population, low birth rates, stagnant wages and a declining ratio of workers to pensioners have strained the system, which relies more each year on state funding.
Prime Minister Pedro Sanchez has accused the right-wing Popular Party of planning to weaken inflation-linked pension increases if it wins the election, and has pledged to keep the current system funded. PP leader Alberto Nunez Feijoo said on Monday that pensions would keep pace with inflation under his party's watch.
Rallies over living costs, school conditions and alleged corruption have spread across Europe in recent weeks.
