Only 9% of workers in Spain have an employment pension plan for retirement

The uncertainty about the problem of pensions in Spain in the long term seems to make a dent in the expectations of current workers about the level of coverage that they will have from the State at the time of retirement. And furthermore, these doubts translate into a growing interest in savings systems complementary to the public pension, which are seen as necessary when discounting the fact that the Social Security benefit will not cover the standard of living of those who retire in the future. of the labor market.

Precisely, the law to promote employment pension plans prepared by the Ministry of Inclusion, Social Security and Migration, recently published in the BOE , seeks to tackle the low coverage that these savings systems have for the employed population, by assuming that public benefits will be less generous if we compare them with the percentage of the last salary that they currently cover, around 80%.

However, the challenge set by the cabinet led by Minister José Luis Escrivá, of reaching 10 million workers in Spain with employment pension plans, in addition to being a capital one, seems inaccessible if we look at the starting point. At this time, only 9% of workers in Spain have some type of retirement savings plan offered by the company, as shown in the 'Third Barometer of Social Security for Retirement' by Nationale- Nederlanden Employee Benefits published this Wednesday. Among the contracted products, the employment pension plan is the most common (74%), followed by retirement insurance (45%).

But, although they are not very established, the study reflects the good reception of these corporate social welfare systems among employees. 65% of those who benefit from any of these solutions value them positively (attributing a score between 7 and 10), with those who enjoy retirement insurance being the ones who declare themselves most satisfied with the product (77%), followed by of those who have a pension plan (60%) and of those who participate in a company social security plan (55%).

A good assessment both by employees who already benefit from these systems and by those who do not. In fact, only 11% of those surveyed acknowledge that they would not dedicate part of their salary to contribute to their retirement if your company offered you the option to do so . And, what's more, 51% say they would invest part of their salary in it and would contribute, on average, more than 1,700 euros a year.

obligation to save

"The concern about retirement is related to age and increases after 45 years, but it should be noted that there is still a great lack of knowledge in our country regarding the options available to employees when it comes to saving for their retirement. In this sense, savings products through companies enjoy a very good appreciation among the employees who have them and are a key element when it comes to retaining and attracting talent, especially in an increasingly competitive context such as the one that we are currently living” explains Juan Marina, director of Nationale-Nederlanden Employee Benefits, the business division specializing in compensation and protection solutions for employees and managers.

In this way, 61% of Spanish employees believe that it should be mandatory for companies to offer products to complement the public retirement pension, something that is already a reality in some countries of the European Union, indicates the study carried out by 40dB and that is based on 1,000 surveys carried out on employees with permanent contracts in companies located in Spain and on those responsible for Human Resources in 394 companies.

A fact that has its explanation in that, according to the same study, 56% of employees think that, when they retire, the public pension will not be enough ; and almost 60% also believe that it will be less than 1,000 euros per month. However, although only 12% state that their income will be little affected at the time of retirement, more than half do not have any product designed to complement it, the main reason being the fact that they cannot allocate financial resources.

talent retention

Another of the conclusions of the 'Third Barometer of Social Security for Retirement' is that retirement savings products via companies have a very positive impact on the company-employee relationship and act as an element of loyalty and retention of talent.

Thus, those employees who benefit from this type of product are more satisfied with their employment situation (average satisfaction of 7.4 vs. 6.8 in those who do not). In addition, the evaluation is notably higher among those who have a company product to complement their retirement compared to those who do not, both in the recommendation of their company and place of work (24% against 18% answer between 7 and 10). as in that of their products and/or services (22% against 16%).

Similarly, 42% would take into account when choosing their next job, the fact that the company offers retirement savings products, so that, in addition to acting as an anchor in talent retention, offering these products means a differentiating element in its attraction.

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