The Spanish government will propose a rise in the retirement age to 67 from the current 65 so that it can still afford to pay pensions as the population ages, the Labour Ministry said on Friday.

The government wants business groups and unions to agree to the change, as part of broader talks aimed at finding ways to make Spain more efficient, the ministry said in a news release.

“It´s necessary to raise the retirement age if we really want guarantees that the pensions system will be sustainable in 25-30 years,” Labour Minister Celestino Corbacho said, quoted in the release.

By 2049, almost one in three people in Spain will be 65 years old or older, double the present level, according to government estimates. (Reporting by Jason Webb; Editing by Ron Askew)

via Spain proposes boosting retirement age to 67 By Reuters.