Spanish Social Security posts surplus of 3.78 billion euros

This surplus of 3.78 billion euros corresponds to the difference between recognised revenue from non-financial transactions of 41.9 billion euros - up 0.77% - and recognised expenses of 38.12 billion euros - up 2.15% on the same period of the previous year.

When analysing this information in cash accounting terms, these non-financial transactions led to cash revenue of 40.66 billion euros - up 1.48% on last year - while expenses rose by 2.22% to 38.01 billion euros.

Non-financial revenue

National Insurance contributions amounted to 33.55 billion euros, which represents an increase of 1.2 percentage points on the same period last year as a result of a 2.74% rise in contributions from the employed and a 15.28% 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 22.94% of the forecast total for 2015.

Current transfers amounted to 7.04 billion euros - up 1.62% on the accumulated figure to the same date in 2014.

Revenue from assets amounted to 839 million euros - down 14.28% year-on-year. Taxes and other revenue amounted to 457.12 million euros, a year-on-year decrease of 10.72%.

Non-financial expenditure

Economic benefits paid out to families and institutions amounted to 36.15 billion euros, a figure that represents 94.85% 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 30.8 billion euros - up 3.46% on the previous year. Benefits for maternity, paternity and pregnancy risk amounted to 695.86 million euros, representing a 4.07% year-on-year increase. Temporary Incapacity Benefits amounted to 1.15 billion euros - up 15.6% on the same period in 2014.

Non-contributory pensions and benefits, including the minimum pension supplements, amounted to 3.37 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.