According to the latest data from the Social Security, deferred retirement registrations now account for 12.7% of the total, a figure that contrasts with the mere 4% recorded before the last reform. This phenomenon is attributed to current regulations, which offer financial advantages to those who extend their professional careers.
Deferred retirement is defined as accessing a pension at a later date than the legally established ordinary age. In exchange for this additional effort, the State grants financial rewards that can be collected in various ways, regulated by article 210 of the General Social Security Law.
“"The worker receives an additional 4% in their regulatory base for each full year of delay."
Incentives include a percentage increase of 4% in the regulatory base for each full year of delay, a lump-sum payment that can increase by 10% if more than 44 and a half years of contributions have been made, or a mixed formula combining both options. After the third year of delay, incentives become more flexible, allowing periods of six months to be computed for an additional 2%.
For the year 2026, the requirements to access an ordinary pension are 65 years for those who have contributed for at least 38 years and three months, and 66 years and ten months for those who do not meet that contribution figure. Any worker who remains in their position beyond these limits will automatically enter the deferred retirement modality.
In the Canary Islands, where the cost of living and labor structure present specific challenges, deferred retirement is seen as an option to ensure greater purchasing power during old age. The possibility of receiving a lump-sum payment instead of a monthly increase allows many pensioners to cover unforeseen expenses or directly assist their families.
