Spain's monthly pension bill hits record as crowds march

Pedro Sanchez, Spain's prime minister, faces a political dispute over pension funding after about 25,000 people marched in Madrid on Saturday to support the state pension scheme. The rally took place ahead of next month's general election. Protesters walked from Atocha train station to the Gran Via.

Spain's monthly pension bill reached almost 14.5 billion euros, or $16.2 billion, this year, a record high. The monthly total has climbed as pensioner numbers grow and payments rise, leaving the system increasingly dependent on state funding. Spain's demographic pressures include an ageing population, a low birth rate, stagnant wages, and a falling ratio of workers to pensioners.

Marchers carried banners calling to protect and guarantee pensions. They want payments to stay indexed to inflation and have asked that the gender pension gap be closed. Emilio Delgado, deputy spokesperson of Mas Madrid in the Assembly of Madrid, wrote on X that "no pension should be below the minimum wage. A lifetime of work deserves a dignified retirement."

Sanchez has accused the Popular Party of planning to weaken inflation-linked pension increases if it wins the vote, and he has pledged to keep the current system affordable. PP leader Alberto Nunez Feijoo said on Monday that pensions would continue to rise with inflation if his party takes office. The rally in Madrid drew participants from around Spain, amid protests across Europe over living costs, school conditions, and alleged corruption.