Budget execution of Social Security system posts a positive balance of 3.34 billion euros

This positive balance of 3.34 billion euros is the difference between recognised revenues from non-financial transactions of 43.84 billion euros and recognised expenditure of 40.50 billion euros.

91.50% of the total amount of recognised revenue corresponds to administrative entities and common services of the Social Security system while the remaining 8.50% corresponds to mutual insurance companies collaborating with the Social Security authorities. 94.48% of the expenses were recognised by the administrative entities and 5.52% by mutual insurance companies

Revenue

In terms of recognised revenue, receipts from social contributions amount to 35.80 billion euros, 4.34 percentage points up on 2016. In the same period of the previous year the increase was 2.25%. This was the result of a 4.95% increase in contributions from people in employment, while contributions from the unemployed fell by 4.69%.

In terms of cash resources - which is the reference figure used to monitor cash inflows and outflows - the year-on-year growth rate for social contributions stands at 4.57%, compared to a cumulative 2.67% to April 2016. More specifically, general regime contributions grew by 5.56% versus 3.33% the previous year

Current transfers totalled 7.41 billion euros, 4.91% more than the cumulative figure for the same period 2016.

Revenue from assets totalled 186.56 million euros, a 56.51% year-on-year decrease, while taxes and other revenue amount to 427.87 million euros, a year-on-year decrease of 5.51%

Expenditure

Economic benefits paid to families and institutions total 38.42 billion euros, accounting for 94.87% of the System's total expenditure.

Breaking down the various contributory benefits, pensions (permanent disability, retirement, widowhood, orphan, and family members) amounted to 32.90 billion euros, 3.44% more than in the previous year.

The figure for maternity, paternity, and pregnancy risk benefits grew to 717.38 million euros, a year-on-year increase of 3.99%. Expenditure on temporary incapacity amounted to 1.36 billion euros, 6.23% more than in the same period 2016.

As at April 30, non-contributory pensions and benefits, including minimum contributory pension supplements, amounted to 3.32 billion euros, 0.56% less than in the previous year. Of that figure, 2.70 billion euros was used to pay non-contributory and minimum pensions and 615.12 million euros was paid out for subsidies and other benefits, of which 588.70 million euros corresponds to family benefits.