LUSA 08/22/2026

Lusa - Business News - Portugal: Social security reform a 'red line' - Socialist leader

Valença, Portugal, Aug. 21, (Lusa) - The Socialist Party's Secretary-General, José Luís Carneiro, urged the government on Friday to maintain the current social security system (SS) to preserve the party's agreement on the 2027 State Budget (OE).

«I have already said, and I have already conveyed this to the prime minister himself, that should the government decide to press ahead with a transformation of the Social Security system that jeopardises its security, the security of current pension payments and future pensions, this is indeed one of the red lines that the PS has set in relation to the State Budget (OE),» stated José Luís Carneiro.

Carneiro was speaking to journalists in Valença, on the sidelines of the presentation of a new national tour, which this time is dedicated to promoting the interior of the country and cooperation with Spain, and aims to present «a strategic agenda» once the assessment has been carried out.

Although the cabinet minister, Leitão Amaro, has ruled out such a scenario, the PS leader wants to hear assurances from Luís Montenegro.

«It is very important that the prime minister says these things publicly because, whilst the Deputy Minister to the prime minister has said that a structural reform of pensions is not on the cards, the Minister for Labour has suggested that there may be changes which, whilst not structural, could go ahead,» he emphasised.

The PS Secretary-General wants the prime minister to «give his word of honour to the country that he will maintain pensions during this parliamentary term».

«Then, in the next [parliamentary term], the Portuguese people will say what they want on this matter. The Socialist Party will be the standard-bearer for the interests of those who have confidence in the pension system. The PS says the security of current pension funds and future pensions is guaranteed.

The PS leader criticised those who «tried to instil in public opinion the false idea» that Social Security is unsustainable, when its surplus «exceeds €43 billion» «The Social Security balance exceeds €43 billion, and we will always protect that balance from being used to pay off the deficit of the General Pension Fund (CGA). The CGA is the State's responsibility. The State's obligations must be safeguarded by the State Budget. The State must use the resources that workers and companies have paid into the fund solely to support the SS, and the State Budget should cover any CGA deficit,» he said.

ABC/ADB // ADB.

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