25,000 march in Madrid to protect record 14.5 billion euro pension bill

Approximately 25,000 people gathered in Madrid on Saturday to defend the state pension system.

The demonstration took place in the runup to next month's general election. Protesters traveled from across Spain to join the march, which started at Atocha train station and ended on Gran Via. Banners reading "protect and guarantee our pensions" were visible throughout the crowd.

Participants expressed concern that the winning party in the upcoming vote might weaken the scheme. They called for pensions to remain indexed to inflation and for the gender pension gap to be closed. Emilio Delgado, deputy spokesperson for the left-wing party Mas Madrid in the Assembly of Madrid, posted on X that no pension should fall below the minimum wage. He added that a lifetime of work deserves a dignified retirement.

The pension scheme faces pressure from an aging population, low birth rates, and stagnant wages. The ratio of workers to pensioners has fallen, straining the system. Spain's monthly pension bill hit a record high this year at nearly 14.5 billion euros, or 16.2 billion dollars. As payments rise and the number of retirees grows, the system relies more heavily on state funding.

The issue has divided the two main political camps. Prime Minister Pedro Sanchez accused the right-wing Popular Party of planning to weaken inflation-linked increases if it wins. He pledged to protect pensions if he remains in office and stated the current system is affordable. PP leader Alberto Nunez Feijoo responded on Monday that he would continue raising pensions in line with inflation if his party takes power.