Business · Economy · 13 hrs ago

Economist warns AI could weaken Spain’s pension income

Economist warns AI could weaken Spain’s pension income

Economist Santiago Niño Becerra says artificial intelligence could reduce the amount of work people do as technology advances.

He made the comments in a podcast and discussed the future of pensions in Spain.

He predicts fewer people may be needed to produce goods and services, as robots and AI take on more tasks.

Some workers could lose their jobs, while others might work fewer hours and earn less, he said.

That could reduce social security contributions and tax income, which he says are needed to fund pensions.

Spain’s current pension system relies on people who work paying for those who receive pensions, with future generations expected to support today’s workers.

Niño Becerra argues that the main problem is insufficient income, rather than excessive spending on pensions.

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What people are saying

Santiago Niño Becerraeconomist and professor emeritus at Ramon Llull University
The pensions, as we know them, cannot be sustained.
via 20minutos
In other words, fewer and fewer hours of work by the population will be needed.
via 20minutos
You will be paid for 15 hours.
via 20minutos
In my opinion, the problem with pensions in Spain (yes: a problem) is income, not spending.
via 20minutos