The Minister of Inclusion, Social Security and Migration, Elma Saiz, announced on Friday, January 26, that the signing of a new agreement on Social Security between Spain and the United States has advanced, which will be signed in the upcoming days. The new text aims to increment the labor mobility and stimulate economic activity between the two countries.
One of the most important aspects refers to the calculation of Spanish pensions, insofar as two calculations will be made: the first, only with the contributions in Spain; and the second, adding to these the contributions in the United States, finally paying the one that is most beneficial for the citizen.
The new Agreement also improves the calculation of the regulatory base and the period of displacement, by extending it to 7 years (5 years of initial displacement plus 2 years of extension, both for employees and self-employed workers). In addition, the new text incorporates the State Passive Class Regime.
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