Economics
Spain Counts on Citizens to Join Pension Revolution
- Government opts to keep new private savings scheme voluntary
- U.K.-inspired plan has ‘enormous potential,’ minister says
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Spain is hoping to entice people to prepare for retirement with a voluntary saving plan as it tries to wean them off relying solely on state pensions.
The aim is to set up a fund run by private investment companies by the end of the year, offering Spaniards an affordable alternative to supplement their public pension. But unlike some other countries, the system will require workers to opt in rather than being automatically enrolled.