Madrid crowds rally over record pension costs

Roughly 25,000 people converged on the Spanish capital this Saturday to demonstrate support for the national pension system. The gathering took place shortly before the upcoming general election and followed a series of European protests concerning living costs and public services.

Participants traveled from various regions of the country to join the procession. The route began at Atocha train station and concluded at Gran Via, a major thoroughfare in the city center. Many marchers held signs demanding that the state guarantee current benefit levels.

Demonstrators expressed concern that the next government might alter how pension values are calculated. The crowd called for benefits to remain tied to inflation rates and demanded the closure of the wage gap between men and women.

Emilio Delgado, a deputy spokesperson for the Mas Madrid party in the regional assembly, posted on X regarding the event. He stated that no pension should fall below the minimum wage and that workers deserve a dignified retirement.

Financial pressures are mounting on the system due to an aging population and low birth rates. The monthly cost of pensions reached a record 14.5 billion euros, or 16.2 billion dollars, this year. The scheme now relies heavily on state funding as the worker-to-pensioner ratio declines.

Prime Minister Pedro Sanchez accused the right-wing Popular Party of planning to weaken inflation-linked increases if they win. He pledged to maintain the current system, which he described as affordable. Alberto Nunez Feijoo, leader of the Popular Party, responded on Monday by promising to continue raising pensions in line with inflation.