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Spanish Cabinet OKs raising retirement age to 67

Spanish Cabinet OKs raising retirement age to 67

Spain has approved a plan to raise the retirement age by two years to 67 for most workers, a key structural reform aimed at reassuring markets fretting over the country's finances.
The latest bitter medicine for a once-booming country now struggling to crawl out of recession got the green light Friday at a Cabinet meeting.
The proposal is backed by labor unions, which is a victory for Spain's Socialist government. The government is ruling over a struggling economy with a jobless rate of 20.3 percent and trailing conservatives badly in the polls with general elections just over a year away.
The reform still needs approval by Parliament, although Prime Minister Jose Luis Rodriguez Zapatero's Socialists have lined up support up from small regional parties to pass the measure.


Updated : 2021-05-15 02:16 GMT+08:00