Pension Bill Hits 14.5 Billion Euros as 25,000 March in Madrid

About 25,000 people assembled in Madrid on Saturday to back Spain's state pension system, marching from Atocha train station to the Gran Via. Participants arrived from across the country, and many carried banners reading "protect and guarantee our pensions."

Spain's monthly pension bill reached a record of almost 14.5 billion euros ($16.2bn) this year. The system faces pressure from an ageing population, low birth rates, stagnant wages and a falling ratio of workers to pensioners, which has increased the state's share of monthly payments.

Marchers want pension payments to remain tied to inflation and have called for the gender pension gap to 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."

The issue divides Spain's main political camps ahead of next month's vote. Prime Minister Pedro Sanchez has said the Popular Party plans to weaken inflation-linked increases if it wins, and he pledged to protect pensions and called the current system affordable. PP leader Alberto Nunez Feijoo said Monday that pensions would keep rising with inflation if his party takes office.

The Madrid gathering came amid protests across Europe involving the cost of living, school conditions and alleged corruption.