Contributions to September amount to 80.47 billion euros, the best figure in the last 11 years

The Social Security accounts show a negative balance of 6.01 billion euros (0.51% of GDP), according to the performance figures shown in the Accounting Information System at 30 September 2017. This is a better result than a year ago (-6.15 billion euros), and includes net collection of contributions for the sum of 80.47 billion euros, the best figure since 2006.

The balance at the end of September corresponds to the difference between recognised revenue from non-financial transactions of 97.21 billion euros and recognised expenses of 103.23 billion euros.

Of the total volume of recognised revenue, 91.14% corresponds to the administrative entities and common services of the Social Security system while the remaining 8.86% corresponds to the mutual insurance companies that collaborate with the Social Security system. 92.74% of the expenses were recognised by the administrative entities and the remaining 7.26% by the mutual insurance companies.

Revenue

National Insurance contributions amounted to 81.4 billion euros, which represents an increase of 5.16 percentage points on the same period last year as a result of a 5.77% rise in contributions from the employed (3.57% last year) and a 4.21% drop in contributions from the unemployed (-7.32% in 2016).

Social Security contributions (recognised revenue) continues its positive trend in the aforesaid period: while up to September 2016 the annual rate of growth was still below 3% (2.84%), one year on the rate of growth stands at 5.16%.

In terms of the net collection of contributions - another way of quantifying revenue from contributions in relation to the effective receipt of cash monetary resources - it can be observed that that this has increased at a year-on-year rate of 5.23%, the highest since 2008. Last year, growth stood at a year-on-year rate of 3.09% during this period. The system has received 4 billion euros more through this channel than at this time last year.

Furthermore, current transfers amounted to 13.81 billion euros - down 0.3% on the accumulated figure to the same date in 2016.

Revenue from assets amounted to 496.06 million euros - down 62.1% year-on-year. Taxes and other revenue amounted to 772.85 million euros, a year-on-year decrease of 2.27%.

Financial benefits to families and institutions

Financial benefits paid out to families and institutions amounted to 96.97 billion euros, a 3.33% year-on-year rise. This figure represents 93.94% of total expenditure incurred by the Social Security system.

In a detailed analysis of the various contributory benefits, pensions (permanent disability, retirement, widowhood, orphanhood and those paid out to relatives) amount to 82.42 billion euros, representing an increase of 3.42% on last year.

Benefits for maternity, paternity and risks during pregnancy amounted to 1.72 billion euros, a year-on-year increase of 6.85%. Temporary incapacity benefits amounted to 4.54 billion euros, 9.38% up on the same period of 2016.

As at 30 September, non-contributory pensions and benefits, including the minimum pension supplements, amounted to 7.98 billion euros, 1.11% down on the figure for last year. Of this amount, non-contributory pensions and minimum pension supplements were allocated 6.66 billion euros, while subsidies and other benefits were allocated 1.32 billion euros, of which 1.26 billion correspond to family benefits.

Finally, in cash accounting terms, net collection from the system amounted to 95.83 billion euros, while expenditure amounted to 103.09 billion euros.

Non official translation