Spanish Social Security posts negative balance of 5.72 billion euros

This negative balance of 5.72 billion euros corresponds to the difference between recognised revenue from non-financial transactions of 74.02 billion euros and recognised expenses of 79.74 billion euros.

Of the total volume of recognised revenue, 91.63% corresponds to the administrative entities and common services of the Social Security system while the remaining 8.37% corresponds to the Mutual Insurance Companies for Accidents in the Workplace and Occupational Diseases. 93.02% of the expenses were recognised by the administrative entities and the remaining 6.98% by the mutual insurance companies.

National Insurance contributions

National Insurance contributions amounted to 60.08 billion euros, which represents an increase of 2.76 percentage points on the same period last year as a result of a 3.52% rise in contributions from the employed and a 7.59% drop in contributions from the unemployed.

Overall, the Social Security system expects to receive a total of 117.24 billion euros this year by way of National Insurance contributions. Hence, revenue from contributions currently accounts for 51.25% of the forecast total for 2016.

Current transfers amounted to 11.67 billion euros - down 1.72% on the accumulated figure to the same date in 2015.

Revenue from assets amounted to 711.37 million euros - down 51.89% year-on-year. Taxes and other revenue amounted to 671.51 million euros, a year-on-year decrease of 2.53%.

Benefits paid out to families and institutions

Benefits paid out to families and institutions amounted to 74.58 billion euros, a figure that represents 93.52% 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 63.56 billion euros - up 3.37% on last year. Benefits for maternity, paternity and pregnancy risk amounted to 1.24 billion euros, representing a 0.43% year-on-year reduction. Temporary Incapacity Benefits amounted to 2.97 billion euros - up 11.31% on the same period in 2015.

At 31 July, non-contributory pensions and benefits, including the minimum pension supplements, amounted to 6.56 billion euros, 0.69% down on the figure for last year. Of this amount, non-contributory pensions and minimum pension supplements were allocated 5.45 billion euros, while subsidies and other benefits were allocated 1.11 billion euros, of which 1.06 billion correspond to family benefits.

When analysing this information in cash accounting terms, cash revenue in the system stands at 72.13 billion euros. In turn, payments amounted to 79.61 billion euros.