Social security and changing reality: The challenges of the public pension system and its financial sustainability in the 21st century

Abstract

The objective of the public social security scheme is to guarantee all citizens sufficient social assistance and benefits in situations of need. This is one of the guiding principles of the social and economic policy included in our constitutional text. This paper aims to demonstrate that Social Security is one of the basic pillars of the welfare state, whose survival must in no case be questioned since its future viability can and should be guaranteed, not only as has been done up to now restricting the amount of pensions, but by modifying the legal regime and financing some of them. Private capitalization, on the other hand, must continue to exist as a free complementary system, only available to the most affluent classes.