The construction sector pension scheme is already the largest in Spain in terms of the number of workers saving for retirement. In nine months since last February, contributions to the fund, this collective plan that Vidacaixa manages, adds 570,000 participants at the end of October and exceeds the two other major employment plans, of a public nature: that of state civil servants manages, : , with 487,000 participants, and that of the Catalan Generalitat, with 359,000 savers at the quarterly close of September, according to Inverco.
Van employment plans on the verge of certifying a record and unprecedented year in two decades. The boost is due to the fact that almost 60,000 construction companies are already part of the sector plan. Alongside them and after the sectoral initiative, several dozen plans created for the self-employed and professional sectors through associations, organizations or professional associations have arrived in cascade. SO, caused a net increase of 621,000 participants in the third quarter. It exceeds the “golden year” of the social forecasts of the second Pillar, 2004, when the impetus of the employment plans of civil servants caused an increase of almost 600,000 savers.
This retirement plan was born after the overhaul of complementary savings carried out by former minister José Luis Escriva during the last legislature. With the reduction in the financial limits of individual plans, Collective bargaining now has more weight to develop macroplans such as the Construction Pioneerwhich aims to integrate a million employees and self-employed people, as well as tens of thousands of companies, explains Antonio Méndez Baiges, Mercer lawyer and member of Ocopen who designed the plan’s regulations.
The launch of this plan constituted an “extraordinary step”, explains the UGT FICA. This optimism is also seen on the side of the sector’s employer, the National Construction Confederation (CNC): “A success for the Construction Union Foundation”. Economic sources say that the pace with which it managed to integrate workers into collective piggy banks exceeded expectations. “It solves registration and administration problems despite its volume and complexity,” says Méndez Baiges.
The plan began on February 1 of this year, and during this month, the salary increase part of the plan with retroactive effect, since 2022, was included in the plan, when the collective agreement was signed. Even if the contributions at the origin of the salary increase are moderate, From the UGT FICA they open the door to an improvement in contributions over the coming years because the percentage currently represents, on average, around 360 euros per worker per year, which seems rare.
He the fund has assets of 122 million which manages the Catalan entity Vidacaixa at the end of October, “given its number of participants, it is an important heritage”, estimates Méndez Baiges. The CNC also aspires to become the largest project in Spain in terms of assets in the medium to long term.
The challenge of activating savings
The State, which was even more numerous a few months ago, has consolidated its rights to almost 600 million, but it has been stuck in the middle of nowhere since the financial crisis and the resulting debt will force Spain to apply discounts. Salary increases for civil servants were abolished, as administrations had to contribute to the benefit of public employees. The same goes for the Generalitat of Workers and Associates, which has 359,000 participants within A “phantom plan”. Both They feed the rare voluntary contributions from employees, but they receive nothing from public entities.
Construction still has a long way to go and challenges to overcome. The main thing today is ensure that the project is adopted by companies and workers who are not yet part of itaware that it is a very atomized sector, with a high number of companies, many of which are SMEs and many others independent who make up the commercial fabric. Even if the collective agreement obliges all companies to adhere to the plan and automatically integrate workers, There is a certain percentage who do not enter the regime for various reasons. The monitoring they carry out with the sector through business surveys.
Among the companies that are not yet part of the plan, a third do not want to join directly, even going so far as to impose sanctions in the event of violation of the collective agreement this could lead to non-payment of wages to its workers who should go to the piggy bank. Another third of companies are unaware of the plan’s existence, which is why there is an information effort so that these companies adhere to the plan. And they end up registering, employers explain. Likewise, another third are companies that are inactive or facing financial problems that make access to the plan difficult. Even an unknown number do not want to contribute to Vidacaixa, which is the sole manager of the plan.
It can also be a tool for attracting workers to a sector that is experiencing a significant aging of its workforce. “We hope that this encourages the sector to attract a workforce that rejuvenates and diversifies it, and contributes to alleviating the employment deficit from which it suffers today,” they demonstrate from the UGT Fica.
The government and the financial sector are convinced that construction is opening up to the rest of the sectors and to savings. “We are very satisfied with the behavior of the plan in construction and we hope that it will be extended to other sectors,” they emphasize from Social Security.
There are several interested parties, the most advanced of the metal as he informed the voters. But it is an in-depth process, lasting at least three years, which requires the development of a collective agreement, plan regulations or the choice of manager. Other experts agree to cite the public sector, which should set an example by reactivating its plans with the ambitious objective that the second Pillar adds 10 million workers covered.
