Financialization of the world economy and transformation in the quality of employment

Abstract

This paper focuses on the analysis of the contributory of the recent reforms of the public pension system in Spain. Four measures involving major qualitative change in the system for calculating the pension are: 1) the modification of the method of calculating the rate of pension (Law 27/2011); 2) the extending the period of calculating the regulatory basis (Law 27/2011) (Part I) 3) Sustainability Factor (Law 23/2013) and 4) the new index adjustment of pensions (Law 23/2013) (Part II). The objective is to analyze these measures and question the interpretation of the criterion of contributory from the viewpoint of distributive justice.