The first vice president and minister of Economy, Trade and Business, Carlos Cuerpo, considers it possible that the Executive gives the green light in December to the Royal Decree-law for the update of pensions according to the CPI, even though the Government is in office after the elections on November 29. At the same time, he has expressed his confidence that the increase in the Minimum Interprofessional Salary (SMI) will be approved before the election date.
In an interview on TVE, reported by Europa Press, the head of Economy has sent a "message of calm" to the more than nine and a half million pensioners, emphasizing that the annual revaluation is protected by law. He also recalled that the increase is calculated based on the accumulated CPI of the twelve months prior to November.
As the preliminary inflation data for November will be known on Friday, November 27, just two days before the elections, Cuerpo has admitted that "the dates do not play in favor" of being able to bring the increase to the Council of Ministers before the elections.
Nevertheless, he has insisted that the Government's intention is to approve the regulation at the first available opportunity during December, even if the Executive continues in office. In his view, the update of pensions fits "perfectly" into the assumptions of urgent necessity and general interest that support the use of the Royal Decree-law by a Government in office.
"That update is going to happen. The Royal Decree-law for the update can go the week after or two days after the elections, because still, even if it is in office, that Royal Decree-law can be operated and can be approved by the Permanent Deputation (of Congress)," Cuerpo has explained, emphasizing that it is not a matter related to the electoral campaign, but to provide certainty to pensioners.
Increase of the SMI: goal, to approve it before November 29
In relation to the increase of the Minimum Interprofessional Salary, Cuerpo has specified that the schedule will depend on the conclusions of the commission of experts tasked with formulating a proposal.
In any case, the first vice president has defended the convenience of closing and communicating the increase of the SMI before the elections on November 29 to "reduce uncertainty" among those who receive this salary, especially given the time that will be required afterwards for the constitution of the new Cortes and the formation of the next Government, expected towards the end of the year or the beginning of 2027.
Cuerpo has highlighted that the SMI has recorded a cumulative increase of 66% in recent years, bringing it to around 60% of the average salary, in line with the recommendations of the European Union. He has also reiterated that the upcoming revisions must ensure that the minimum wage maintains its purchasing power.
Response to the criticisms of the PP regarding the public pension system
During the interview, the Minister of Economy has strongly rejected the words of the parliamentary spokesperson of the PP, Ester Muñoz, who stated that the current public pension system "does not work and is going to burst".
In Cuerpo's opinion, these statements are "alarmist and unfounded" and aim to fuel uncertainty among the citizens.
"We are getting used to this type of alarmist messages that seek to generate a sense of uncertainty in the population and then the data insists on denying," Cuerpo has pointed out, referring to similar criticisms from the opposition in the past regarding economic growth, labor reform, or the Iberian solution.
The Minister of Economy has defended the viability of the public pension system based on the measures approved in the 2021 reform, such as bringing the effective retirement age closer to 65 years or increasing income through contributions to Social Security, designed to absorb the peak of retirements from the 'baby boom' generation by 2050.
The minister has concluded by denouncing the "lack of transparency and the void of solutions" from the PP, after suggesting that behind this controversy about the future of pensions, "lies a different model" from the public system defended by the Government.