The minister has pointed out that social and political dialogue are essential to achieve the "social sustainability" of the system, "because it affects many millions of people." The main task, therefore, is to adapt it to changing needs and demands, improve social protection and find new sources of financing for social benefits.

In the opening ceremony of the conference on "The aging of the active population and its effect on the pension system", organized by the National Social Security Institute, the minister has acknowledged that this is one of the biggest challenges facing Europe and more specifically, Spain, where life expectancy is 83.24 years, "one of the highest in Europe and the world" .

The minister has pointed out "social legitimacy" as one of the greatest assets of Social Security, while highlighting the ability of the pension system to adapt to new social realities, "saving all challenges and always being reinforced." Maintaining a social protection system like ours based on the principles of universality, unity, solidarity, equality and sufficiency, has concluded, requires the involvement of the entire society.

Alternative financing

Magdalena Valerio has insisted today on the need to find a financing supplement for the pension system "through another kind of income", in line with the recommendations that the Toledo Pact Commission has been pointing out since 1995.

The Minister of Labor has ensured that facing this challenge is to maintain or improve the viability of pension systems, through a permanent process of reforms, as is already done in all countries.

In Spain, he said, the impact of the aging population has demanded reforms in the parameters for calculating pensions (age, credited period, percentage scale). Likewise, measures have been taken to improve the reconciliation of family and work life, such as the increase in family benefits or the extension of birth and child care permits. He also recalled that other measures have been taken that have directly improved social protection: the revaluation of pensions, the rise of the SMI or the improvement of the social protection of self-employed, non-professional caregivers and unemployed older people.

Valerio has stressed that the increase in social protection must be accompanied by measures that improve income, such as Plan for Decent Work approved by the Government that includes measures to fight against fraud in Social Security contribution obligations.

"If the labor market is damaged, inevitably, the collection of the main resources of the pension system is being damaged," said the minister, who stressed the importance of pensions and the labor market going together "unfailingly." Hence the importance of the Plan for Decent Work approved by the Government, which includes measures aimed at the fight against Social Security fraud and to guarantee quality employment.

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