Spain's pension bill hits record 14.5 billion euros as Madrid crowd swells

Roughly 25,000 people occupied the streets of Madrid on Saturday to defend the country's state pension system.

The gathering took place just before the general election scheduled for next month. Marchers arrived from across Spain and walked from Atocha train station to the Gran Via. Banners urged politicians to protect and guarantee retirement income.

Demonstrators expressed concern that the political outcome could weaken the scheme. They want pensions to remain indexed to inflation and called for the elimination of the gender gap in payments.

The system faces pressure from an aging population, low birth rates, and stagnant wages. The ratio of workers to pensioners is falling. Spain's monthly pension expenditure reached a record high of nearly 14.5 billion euros in 2026.

Prime Minister Pedro Sanchez has argued that the right-wing Popular Party plans to reduce inflation-linked increases if they win. He stated that the current system is affordable and pledged to maintain protections. Alberto Nunez Feijoo, the PP leader, responded on Monday that his party would continue raising pensions in line with inflation.

Emilio Delgado, a deputy spokesperson for the left-wing Mas Madrid party, posted on X that no pension should fall below the minimum wage. He added that a lifetime of work deserves a dignified retirement.