The Minister of Labor, Migration and Social Security acting, Magdalena Valerio, has reiterated its commitment to the public pension system in whose defense, he said, should involve the entire society

"We have to devise new and innovative ways of financing the social protection system", with these words the acting Minister of Labor, Migration and Social Security has referred to the challenges that both the labor market and the social protection system must face in a future marked by the digitalization of the economy and the aging of the population.

And this is the theme of the course that Social Security is holding these days in the framework of the summer academic cycle of the Menéndez Pelayo International University (UIMP), in Santander. Under the heading: "The Social Security before the digitalization and the retirement of the Baby boom: keys for its financial and social sustainability", Minister Valerio has delivered a conference focused on the great challenges posed by the transformation of the economy, employment and the impact on the social protection system.

Valerio has reiterated his commitment to our public pension system that guarantees the right of citizens to Social Security and that has come out reinforced in the face of the difficulties that he has had to face. The acting minister has reflected on the need to redefine the concept of intergenerational solidarity "that is already bidirectional".

The key to the social protection structure in our country is employment, "a decent labor market, a productive economic model and a social protection system are the guarantee of a solid welfare state". For this reason, it has highlighted the importance of social dialogue and parliamentary agreement in any action that serves to strengthen and guarantee social protection.

Quality employment and training

The acting minister has stressed the need to ensure the future of Social Security in the context of a digital economy that will produce significant changes.

Valerio recalled that his Department has been a pioneer in the establishment of a Plan for Decent Employment and Quality, which covers working conditions and contributions, which will generate sufficient benefits, in line with international organizations such as the ILO, OECD. , the 2030 Agenda of the United Nations or the Pillar of Social Rights approved by the European Council in 2017. Hence, the commitment of the Government in the fight against labor fraud and against Social Security that suppose a reduction of rights. This is the objective of the recently created Observatory for the fight against fraud in the field of Social Security.

"If we want a decent job, a quality job that supports our Social Security System, the progressive and constant improvement of qualification and professional requalification is essential". Magdalena Valerio assures that job training is essential to respond to the needs of the productive system and to avoid unbalances in the labor market.

Aging and baby boom

The acting minister added that "our public social protection system has known, through the measures that have been adopted, to face the challenges, has overcome them and has even left more strengthened, with an increase in the level of protection " Valerio has pointed out that the system welcomes more than one of every three Spanish families and pays close to 10 million pensions, so it is necessary that the whole society be involved in the defense of the system.

In her diagnosis of the situation, Magdalena Valerio referred to the challenge posed by the aging of the population and the arrival to retirement of the so-called baby boomers, which will increase the resources allocated to provide financial coverage for social protection.

"The stability of our Social Security system must be achieved by increasing revenues," he said, while he has opted to work to conceive "new and innovative ways of financing the social protection system."

The holder of Labor in functions has expressed its willingness to act in this line and has alluded to measures such as the increase of the Minimum Interprofessional Salary (SMI) that has raised the minimum contribution base and the increase of the maximum base by 7%; the recovery of the contribution of non-professional caregivers of dependent persons and the subsidy of those over 52 years of age. Measures all of which have been a boost to the collection of the System.

As has been demonstrated, has indicated, in times of crisis, the pensions of people over 65 are configured as one of the most important instruments of social cohesion.

Valerio has insisted that although there are difficulties, the pension system will survive: "We must give hope to the whole society". In this regard, he has expressed confidence that the social dialogue and the agreement in the Toledo Pact will contribute to an agreement that gives strength and guarantees our pension system.

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