Reform needed in Spain, says OECD report

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SPAIN - If a sharp rise in Spanish pension spending between 2015 and 2020 is to be mitigated, a reform that makes the system actuarially neutral cannot be put off any longer, according to the Organisation for Economic Co-operation and Development.

The OECD said a significant first step would be to calculate pensions on the basis of earnings over a whole career instead of the last 15 years.

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