Retirement idea of retirement is of recent origin, being introduced during the late 19th and early 20th centuries. Previously, low life expectancy and the absence of pension arrangements meant that most workers continued to work until death. Germany was the first country to introduce retirement benefits in 1889. Nowadays, most developed countries have systems to provide pensions on retirement in old age, which may be sponsored by employers or the state. In many poorer countries, support for the old is still mainly provided through the family. Today, retirement with a pension is considered a right of the worker in many societies,
Pensions in Spain in Europe after Greece and amount to approximately 81% of final salary levels. While the social security system collected 80Bn€ in contributions in 2010 it paid out 82 Bn€ in pensions. In January 2011 the government, employers and trade unions agreed on a series of reforms that will increase the retirement age by 2 years from 65 to 67 years. The new minimum age will come into effect in 2027. Private pensions in Spain generally consist of individual pensions and collective pensions (divided into associative and company schemes). Approximately 50% of the population are covered by one or both types.