Tens of Thousands March in Madrid to Defend Spain's State Pensions

About 25,000 people gathered in Madrid on Saturday to show support for Spain's state pension scheme. The rally came ahead of next month's general election and amid a wave of protests across Europe over issues such as the cost of living, school conditions and alleged corruption.

Demonstrators travelled to the capital from around the country. They marched from Atocha train station to the Gran Via, which is Madrid's busiest and most famous street. Many carried banners reading "protect and guarantee our pensions."

Marchers fear the state pension system could be significantly weakened, depending on which party wins the vote. They want pensions to stay indexed to inflation and are calling for the gender pension gap to be eliminated.

Emilio Delgado, deputy spokesperson of the left-wing party Mas Madrid in the Assembly of Madrid, voiced support on X. He wrote that "no pension should be below the minimum wage. A lifetime of work deserves a dignified retirement."

The scheme is under strain from several directions. These include an ageing population, a low birth rate, stagnant wages and a falling ratio of workers to pensioners. Spain's monthly pension bill reached a record high this year of almost 14.5 billion euros ($16.2bn).

As the number of pensioners grows and monthly payments rise, the system has come to depend increasingly on state funding.

The issue has become a point of contention between the two main political camps. Prime Minister Pedro Sanchez has accused the right-wing Popular Party (PP) of planning to weaken inflation-linked pension increases if it wins the election. He has pledged to protect pensions if he stays in office and says the current system is affordable.

PP leader Alberto Nunez Feijoo responded on Monday that he would continue to raise pensions in line with inflation if his party wins the vote.