Spanish Social Security posts surplus of 3.37 billion euros

This surplus of 3.37 billion euros corresponds to the difference between recognised revenue from non-financial transactions of 21.97 billion euros - up 0.25% - and recognised expenses of 18.6 billion euros - up 0.97% on the same period of the previous year.

In cash accounting terms, these non-financial transactions led to cash revenue of 21 billion euros - up 1.35% on last year - while expenses rose by 1.71% to 18.51 billion euros.

Of the total volume of recognised revenue, 92.4% corresponds to the administrative entities and common services of the Social Security while the remaining 7.6% corresponds to the Mutual Insurance Companies for Accidents in the Workplace and Occupational Diseases. 96.37% of the expenses were recognised by the administrative entities and the remaining 3.63% by the mutual insurance companies.

Non-financial revenue

National Insurance contributions amounted to 16.92 billion euros, which represents an increase of 0.71 percentage points on the same period last year as a result of a 2.07% rise in contributions from the employed and a 13.82% drop in contributions from the unemployed.

Overall, the Social Security system expects to receive a total of 109.83 billion euros this year by way of National Insurance contributions. Hence, revenue from contributions currently accounts for 15.41% of the forecast total for 2015.

Current transfers amounted to 4.19 billion euros - up 1.9% on the accumulated figure to the same date in 2014.

Revenue from assets amounted to 547.64 million euros - down 15.57% year-on-year. Taxes and other revenue amounted to 301.9 million euros, a year-on-year decrease of 12.34%.

Non-financial expenditure

Economic benefits paid out to families and institutions amounted to 17.86 billion euros, a figure that represents 95.99% of total expenditure incurred by the Social Security system.

In a detailed analysis of the various contributory benefits, pensions (disability, retirement, widowhood, orphanhood and those paid out to relatives) amount to 15.39 billion euros - up 3.41% on the previous year. Benefits for maternity, paternity and pregnancy risk amounted to 334.28 million euros, representing a 3.06% year-on-year increase. Temporary Incapacity Benefits amounted to 304.59 million euros - up 6.38% on the same period in 2014.

Non-contributory pensions and benefits, including the minimum pension supplements, amounted to 1.8 billion euros. It is well documented that the State has been paying the full amount of these pensions since 2013. It is therefore a neutral heading for the Social Security system, as it receives transfers from the State to cover these amounts.