00:00Spain is taking on increasingly greater social responsibilities.
00:03The biggest of these is the pension system, whose costs are rising as the population ages.
00:08According to estimates by the Organization for Economic Cooperation and Development,
00:13pension expenditures will be one of the main sources of fiscal pressure on Spain in the coming decades.
00:18In 2025, Spain spent 13.7% of its GDP on pensions.
00:26According to the forecast, by 2050, this share will rise to 17.3%, and this will be the highest figure
00:34in the world.
00:35The Spanish pension system operates on a pay-as-you-go basis.
00:39Pensions for current retirees are funded by contributions from current workers.
00:43The benefit amount depends on years of contributions and earnings over the course of a worker's career.
00:49The cost of such a system for workers is high.
00:52The total pension contribution amounts to 28.3% of the salary.
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