75% of companies are unaware of the new employment pension plans
74% of Spanish companies are unaware of the new employment pension plans promoted by the Government through Law 12/2022, although more than half state that this law “will contribute to the development of social security in Spain complementary promoted by companies”according to the ‘VI study on the situation of pensions in Spain’ carried out by KPMG Abogados.
81% believes that the tax changes introduced in the reform they will not be an incentive for individual saving. The report indicates that there have not been too many changes: so far only the collective agreement of the construction sector includes the implementation of a plan of pensions for the companies of the sector, while the agreement of the chemical industry contains the commitment to present a report that analyzes the viability of the creation of a pension plan before the end of the year.
“Transparency in the information on the impact that the measures included in the Social Security reform will have on future pensions for retirement will be key to achieving growth of the pension plans promoted by companies as a necessary complement to Social Security”, highlighted the director responsible for the area Pensions Prosecutor of KPMG Lawyers, Álvaro Granado. The expert added that “so that companies and individuals can decide on the implementation of a private pension plan, it would be advisable to know the estimated amount of the Social Security retirement pension”.
In the present moment, only 28% of companies It has a pension plan for its employees. The sectors with the greatest role in the development of complementary social security are finance and energy, and those with the least, transport and logistics and industry. However, 35% of the companies have in their medium-term agenda the taking of measures to plan the retirement of their employees and 71% would be willing to make a contribution on the salary of their employees with the aim of allocating it to savings for their retirement.
98% of the survey participants express concern about their future retirement and 65% declare a high level of concern. For their part, two out of three companies warn that their employees do not have information in relation to future pension and age at which they will be able to retire, a circumstance that makes individual and collective retirement planning difficult.
Granado pointed out that “we will have to be very attentive to analyze whether the increase in costs that companies will assume in 2023 the implementation of the Intergenerational Equity Mechanism, together with the strong increase that the maximum contribution bases will also experience, could cause the collection is not what was expected“. “The significant impact that the Intergenerational Equity Mechanism will have on companies’ personnel costs, together with the current economic context, could cause hiring to be frozen or even staff to be reduced, which would translate into less income for Social Security contributions,” he warned.
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