The construction sector pension plan was converted into the largest in Spain in the terms of the participants, reaching a total of 570,000 workers at the end of October, thus surpassing the plan of state officials, which has 487,000, and beyond the Catalan Generalitat, with 359,000.
This success is due to the participation of around 60,000 construction companies and the creation of several plans for self-employed sectors and professionals during the last decades. In the third quarter, the number of participants increased to 621,000, surpassing the record of 2004, which had seen similar growth.
The plan was inspired by the need to redefine the supplementary pension system, as proposed by former minister José Luis Escrivá. Collective negotiation has done crucial work, enabling the development of this macro plan designed to include one million workers, both beleaguered and self-employed.
As of February 1 this year, the plan has experienced significant progress, although the UGT FICA has signaled that there is room to improve worker inclusion. Currently, the average contribution is 360 euros per worker per year.
The fund, managed by VidaCaixa, has assets of 122 million euros. There is an expectation that this plan will be converted into the largest in Spain in terms of heritage.
However, there are still challenges because a percentage of businesses are not participating in the plan. Reasons include lack of interest, unknown and financial difficulties. Despite this, the plan presents itself as a valid tool to attract new workers to the sector, helping to rejuvenate the workforce.
The government and the financial sector hope that the outcome of the construction plan will be a model for other sectors, with the ambition that the second pillar of the pension system will train 10 million workers in the future.
