Approximately 25,000 people marched through central Madrid on Wednesday to demand protections for Spain’s state pension system, amid growing political debate ahead of the November 29 parliamentary elections. The peaceful demonstration started at Atocha train station and proceeded to Gran Via, a prominent shopping street in the Spanish capital, with participants carrying banners calling for pension guarantees.

The rally underscores ongoing public concern over the sustainability of the pension scheme and its linkage to inflation, key issues in Spain’s political discourse. Socialist Prime Minister Pedro Sanchez has accused the opposition Popular Party (PP) of intending to weaken inflation-adjusted pension increases, a claim the PP denies. Sanchez pointed out that the PP voted against legislation in 2022 that introduced a mechanism to tie pension rises to inflation.

Juan Fernandez, a 38-year-old civil servant from Seville, expressed uncertainty about receiving his future pension and voiced opposition to any privatization efforts. “The value of any privatised chunk would be linked to the stock market price. There would be winners—and losers,” Fernandez said. Similarly, Pilar, a 64-year-old nearing retirement, emphasized that “pensions should be sacrosanct” and criticized what she described as a broader trend toward privatization. She also connected recent protests over housing affordability and tenant protections to increased public awareness among younger generations.

The debate between the two main political factions has sharpened in recent weeks. Earlier this month, Esther Munoz, a member of parliament from the PP, predicted the pension system could “collapse” without reforms and advocated for changes, triggering government pushback. In response, PP leader Alberto Nunez Feijoo stated on Monday that the party would continue to raise pensions in line with inflation annually if it wins the upcoming election and he assumes the prime ministership.

Spain currently has about 6.8 million state pension beneficiaries. As of September, the average monthly pension stood at 1,576 euros ($1,765), according to official data from the social security ministry. The pension system’s financial health and the broader cost-of-living crisis remain central topics in the campaign, reflecting widespread public anxiety over economic stability and social protections.