Spain Approves Pension Bill in Bid to Woo Investors
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The Spanish government agreed to raise the retirement age in a renewed bid to restore investor confidence after a 20 billion-euro ($27 billion) plan to shore up savings banks failed to tame the nation’s borrowing costs.
Four months after Spanish workers disrupted transport and broadcasts in a general strike aimed partly at the pension plan, the Cabinet approved a bill to increase the retirement age to 67 from 65, Deputy Prime Minister Alfredo Perez Rubalcaba told reporters in Madrid today. The government, unions and employers reached an agreement earlier today after late-night talks on the bill and changes to wage-bargaining.