People who want to retire as of January 1, 2025 with 100% of the pension will have to be at least 66 years and eight months old. This is the new ordinary retirement age, which is advancing year by year under the 2013 pension reform, until reaching 67 years of age in 2027. If you have contributed for more than 38 years and three months, the legal retirement age remains 65 years.
The minimum contribution requirement to be able to access the contributory retirement pension remains unchanged: at least 15 years, two of which must be included in the 15 years prior to retirement, in general.
Partial Retirement
In the event that workers want to access partial retirement without the company making a replacement contract, the minimum access age will be the ordinary retirement age that is applicable in each case, reports the Europa Press agency.
If the company makes a relief contract to cover the work time that the person who partially retires stops working, the minimum age of access for partial retirement will be 62 years and eight months from January 1, 2025 if They have been contributing for more than 36 years and three months, or 63 years and four months if they have been contributing for 33 years.
Early retirement
Social Security allows workers to retire early voluntarily up to a maximum of 24 months before the ordinary legal age. Thus, in 2025, the minimum age for access to voluntary early retirement will be 64 years and eight months, and it will be mandatory to have contributed for at least 35 years to be able to access this modality. If the working career is longer, early retirement is allowed at the age of 63, the news agency reports.
Furthermore, to be able to access this type of retirement, the amount of the pension to be collected by the worker must be higher than the amount of the minimum pension that would correspond to his or her family situation upon reaching the age of 65. Otherwise, you cannot anticipate your withdrawal.
If early retirement is involuntary, that is, forced, it is possible to retire up to a maximum of 48 months before the ordinary retirement age. Thus, by 2025, you must be 62 years and eight months old and have contributed for at least 33 years. In the case of longer careers, the minimum age is 61 years.
When a worker retires early, Social Security applies a series of reducing coefficients on the amount of the pension, which depend on the number of months in advance of the retirement age and the accumulated contribution period. In general terms, these reducing coefficients range from 21% to 3.26% depending on whether the withdrawal is anticipated 24 months (the maximum possible) or one month.
If early retirement is forced, reducing coefficients are also applied to the amount of the pension depending on the time of advance payment and the years of contributions. These coefficients range from 30% with four years in advance to 0.50% with one month in advance, but the percentage to be applied will also depend on the contribution period: the more years of contributions, the percentage of discount on the pension decreases. and with fewer years of contributions, it increases.
Delayed retirement
On the other hand, if access to the retirement pension is voluntarily delayed after the ordinary age (what is called delayed retirement), the pensioner receives a bonus, which may consist of an additional pension percentage of 4% per year delayed, a lump sum amount at retirement or a combination of both if retirement is delayed for two years or more.
The changes that are to come
The latest pension reform agreed upon by the Government and social agents at the end of last July, and which still must be legally developed for its entry into force, introduced some changes in the regulation of delayed retirement, in addition to other measures that will see the light, surely throughout 2025.
The change in delayed retirement involves the possibility of receiving an additional incentive for every six months of delay starting in the second year and not every twelve months.
Another aspect of this latest reform is to agree on a new procedure for accessing early retirement in especially difficult or dangerous occupations. This new regulation is based, fundamentally, on determining the objective circumstances that allow establishing reducing coefficients to lower the retirement age, such as the incidence, persistence and duration of medical leave processes; as well as declarations of permanent disabilities and deaths.
Likewise, the agreement includes changes in the regulation of partial retirement, expanding the possible years of advance payment from two to three, with limits on the reduction of working hours. The conditions of the relief worker are also improved, since their hiring will have to be indefinite and full-time in a non-amortizable position. These changes are still pending approval and are especially worrying in the manufacturing industry, which now has partial retirement and relief contract conditions that expire on January 1.
Another of the most notable aspects of this latest pension reform is the new framework that was designed for compatibility between work and pension, the so-called active retirement. Under the agreement that the Government signed with the social agents, the percentages of the pension that can be received while working will be 45% with a one-year delay in retirement; 55% with two years; 65% with three years; 80% with four years and 100% with five years of delay.
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