Social Security

• The pension amount is the result of applying the working day reduction percentage to the amount of the pension for which the worker would be eligible, based on the years of contribution certified by the worker on the date of the right-granting event, calculated in accordance with the general regulations of the corresponding Social Security scheme, but without applying the additional 2% coefficient.

The pension amount calculated in this way may not be less, in any case, than the amount resulting from applying the same percentage to the amount of the minimum pension in effect at the time, for pensioners over the age of 65, depending on the family situation of the pensioner.

To determine the percentage applicable to the regulating base of the partial retirement pension, when the worker applies for it prior to reaching the age of 65, the reduction coefficients are not applied based on age.

• In cases in which it is appropriate to increase the working day reduction percentage, requested by the partially-retired pensioner with the consent of the employer:

• The amount of the pension is modified, applying the corresponding percentage based on the new working day reduction to the amount initially granted.
• The new pension will be updated with the adjustments made from the date that the initial partial retirement pension took effect to the date on which the new pension amount takes effect. 

To be able to increase the pension amount as indicated, where it is necessary to maintain a relief contract to collect the partial retirement pension, the company:

• Will offer the relief worker an extension of the working day, in proportion to the reduction of that of the partially-retired pensioner. If the working day of the relief worker is greater than the working day left vacant, the extension will be limited to the full-time working day established in the applicable collective agreement or, if there is none, the ordinary maximum legal work day.
• If the relief worker does not accept the working day extension, another unemployed worker, or one hired by the company on a limited time contract, must be hired for the working day left vacant by the partially-retired pensioner.

• In cases of holding multiple jobs, only the contribution bases corresponding to the job held up to the time subject to the corresponding working day reduction, is taken into account to calculate the regulating base.

• Partial retirement pensions are subject to adjustments in the same terms as the other contributory pensions.