Spain to raise social-security payments to fund coming pensions boom

FILE PHOTO: A pensioner goes for a walk in Madrid, Spain, June 18, 2018. REUTERS/Susana Vera

MADRID (Reuters) - Spain's government has agreed with unions to raise social-security contributions by 0.6% between 2023 and 2032 to help pay for the pensions of an upcoming wave of retirees, the Social Security Ministry said on Monday.

Spain experienced a baby boom during the last two decades of Francisco Franco's dictatorship which ended in 1975, and people born during that era are expected to retire soon, putting state finances under increasing strain.