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Spain:
Pensions externalisation deadline
On 25 September, the Spanish government issued a draft budget law for 1999. One of the proposals contained in the draft law is to postpone the deadline for pensions externalisation until 1 January 2001. Under current legislation, companies are required to fund their pension obligations externally by 10 May 1999. It appears, therefore, that companies are being given more breathing space, but the externalisation issues still need to be addressed as a matter of urgency.
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