The goal of the Universal Pension for the Elderly (Pensión Universal para el Adulto Mayor ‒ PUAM) is to guarantee the right to a dignified old age, regardless of individual contributory capacity.

It embodies a comprehensive and universal approach to old-age coverage and, in addition to economic benefits, it includes access to health care and certain family allowances, and is compatible with declared work. The amount of the benefit is equivalent to 80 per cent of the minimum retirement pension, and is updated in the same way as the latter. It is granted in the form of a pension for life, is non-contributory, and all persons over 65 who meet certain requirements have access to it.

Since this is an issue of major importance for citizens, efforts were made to reach the greatest possible consensus among the different political forces in the country. For this reason, the establishment of the PUAM was accompanied by the creation of the Historical Reparation Programme for Retirees and Pensioners, both contained in Act 27,260 and approved in June 2016 with the support of the different political forces in both Chambers of the National Congress.