81% of respondents believe the tax changes introduced by the reform will not encourage individual savings
Three out of four Spanish companies, 74% in particular, are unaware of the new pension schemes being promoted by the government as an alternative measure to retirement savings. However, more than half of the companies indicate that this law will contribute to the development in our country of complementary social security promoted by companies, according to the VI study on the ‘Situation of pensions in Spain’, conducted by KPMG Lawyers.
The vast majority of those surveyed, 81%, believe that the tax changes introduced as part of the reform will not encourage individual savings. Actually, there are not too many changes compared to the past few years. So far, only the collective labor agreement for the construction sector, approved in July 2022, includes the implementation of a pension plan for companies in the sector, while the agreement for the chemical industry contains the commitment to present a report to assess the feasibility of creating of a pension plan before the end of the year.
In this sense, lvaro Granado, the director in charge of the tax area of Pensions at KPMG Abogados, assures that “transparency in information about the impact that the measures in the social security reform will have on future old-age pensions will be crucial. to realize the growth of pension plans promoted by companies as a necessary supplement to Social Security”.
Currently, 28% of companies have a pension plan for their employees, one point more than the previous year, with the average cost companies take to allocate to their employees’ pension plan is 3.8% of the payroll, especially in finance and energy.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
