New Tool Predicts Lower Pension Spending
Spain has created a new tool called INTegraSS. It predicts that pension spending will be 14% of the country’s GDP in 2050. This is a change from a previous forecast.
The Spanish government developed INTegraSS after two years of work. The tool replaces the AIReF forecast. It estimates that pension spending will reach 14% of the country’s GDP by 2050. This represents a decrease of 0.4% compared to the AIReF prediction. The government is concerned about the rising cost of pensions.
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Highlights
Pension Spending Projection
The INTegraSS tool predicts pension spending will reach 14% of Spain’s GDP by 2050.
Decrease from AIReF
The new projection is 0.4% lower than the previous AIReF forecast.
INTegraSS Development
The INTegraSS tool was created after two years of work.
Social Security Revision
Spain’s Social Security system now estimates 14% of GDP for pension spending.
Addressing Cost Concerns
The projections are a response to concerns about the rising cost of pensions.