Spain said to cut ministry spending, raise pensions in 2013 budget

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Spain said to cut ministry spending, raise pensions in 2013 budget

25-09-2012 10:09

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Spain's Council of Ministers meeting has been bought forward from Friday to Thursday because of an upcoming deadline to approve the 2013 budget.

Spanish daily El Economista reports that the budget will include a 17 to 20 percent spending cut for the country's ministries, which would imply cost savings of 9.8 to 11.5 billion euros.

The daily adds that the budget will also include a 1% increase to pension plans, implying an additional cost of 1 billion euros.

If confirmed, President Mariano Rajoy would be keeping his promise not to cut or freeze pensions.

SC

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