Social Security contributions to October totalled 89.68 billion euros, 5.19% more than last year

With regard to net receipts from contributions - which is another way of quantifying revenue from contributions, by considering the effective inflow of cash resources - we see that receipts have increased at an annual rate of 5.19%, the highest rate since 2008. In this same period last year, receipts grew at an annual rate of 3.12%. The System therefore received 4.42 billion euros more than at the same time last year through this channel (the year-on-year figure in 2016 was 2.58 billion euros).

Recognised revenue and expenses

The balance at month-end October is the difference between recognised revenue from non-financial transactions totalling 108 billion euros and recognised expenses of 113.97 billion euros.

91.12% of the total volume of recognised revenues corresponds to administrative entities and common services of the Social Security and the remaining 8.88% to mutual insurance companies collaborating with the Social Security authorities. In terms of expenses, 92.61% were recognised by administrative entities and the remaining 7.39% by mutual insurance companies.

Social contributions

Social contributions amounted to 90.64 billion euros, a 5.13-percentage point increase over the same period last year, the result of a 5.72% increase in contributions from people in employment (3.64% last year), while contributions from the unemployed fell by 5.72% (down 7.28% in 2016).

The trend in social contributions (recognised revenue) continues to be positive in the reference period: while to October 2016 the annual growth rate was less than 3% (2.9%), a year later the growth rate stands at 5.13%.

As mentioned previously, net receipts from contributions in October totalled 89.68 billion euros, the best figure in the last 11 years, the equivalent of an annual growth rate of 5.19% (over two points higher than in 2016). Meanwhile current transfers totalled 15.08 billion euros, 1.31% more than the cumulative figure for the same date in 2016.

Revenue from assets stood at 697.75 million euros, representing a year-on-year decrease of 57.27%, while taxes and other revenue amounted to 841 million euros, down by 2.32% year-on-year.

Economic benefits paid to families and institutions

Economic benefits paid to families and institutions totalled 107 billion euros, 3.34% up on last year. This figure accounts for 93.89% of the entire expenditure of the Social Security system.

Taking a more detailed look at the various contributory benefits, expenditure on pensions (permanent disability, retirement, widowhood, orphanhood, and loss of a family member) amounted to 90.81 billion euros, 3.42% higher than last year.

Benefits for maternity, paternity and pregnancy risk amounted to 1.72 billion euros, a year-on-year rise of 6.85%. For temporary incapacity, the expense was 4.54 billion euros, 9.38% more than in the same period of 2016.

As at 31 October, non-contributory pensions and benefits, including minimum contributory pension supplements, totalled 8.73 billion euros, 1.16% down on last year. Of that amount, non-contributory and minimum pensions account for 7.32 billion, and subsidies and other benefits account for 1.41 billion euros, of which 1.35 billion euros corresponds to family benefits.

Finally, the figure for liquid receipts in cash terms totalled 106.55 billion euros, while payments amounted to 113.84 billion euros.

Non official translation