Madrid Rally Demands Inflation-Linked Pensions as Bill Hits Record

Approximately 25,000 people marched in Madrid on Saturday to defend the state pension system ahead of next month's general election. The demonstration coincided with a wider wave of protests across Europe concerning living costs, school conditions, and corruption allegations.

Participants traveled to the capital from various regions and proceeded from Atocha train station to Gran Via, the city's main thoroughfare. Many held banners demanding that pensions be protected and guaranteed.

Marchers expressed concern that the winning party of the upcoming election might weaken the current scheme. The crowd called for pensions to remain indexed to inflation and for the elimination of the gender pension gap.

The pension system faces financial pressure from an aging population, low birth rates, and stagnant wages. The ratio of workers to pensioners continues to fall, increasing the system's reliance on state funding. The monthly bill for pensions reached a record 14.5 billion euros, or 16.2 billion dollars, this year.

Political leaders have clashed over the issue. Prime Minister Pedro Sanchez accused the right-wing Popular Party of planning to reduce inflation-linked increases. He pledged to maintain the current affordable system if he remains in office.

Alberto Nunez Feijoo, leader of the Popular Party, responded on Monday. He stated that his party would continue raising pensions in line with inflation if it wins the vote. Emilio Delgado, deputy spokesperson for the left-wing Mas Madrid party in the Assembly of Madrid, supported the rally on X, writing that a lifetime of work deserves a dignified retirement and that no pension should fall below the minimum wage.