Social Security system posts negative balance of 5.81 billion euros, equivalent to 0.54% of GDP

This negative balance of 5.81 billion euros is the difference between recognised revenue from non-financial transactions of 114.8 billion euros (up 3.83% year-on-year) and recognised expenses of 120.61 billion euros (up 5.8% in year-on-year terms).

Of the total volume of recognised revenue, 91.77% corresponds to the administrative entities and common services of the Social Security system while the remaining 8.23% corresponds to the Mutual Insurance Companies for Accidents in the Workplace and Occupational Diseases. 90.48% of the expenses were recognised by administrative entities and the remaining 9.52% by mutual insurance companies.

National Insurance contributions

National Insurance contributions amounted to 92.13 billion euros, which represents an increase of 1.33 percentage points year-on-year, stemming from a 2.68% rise in contributions from the employed and a 14.39% drop in contributions from the unemployed.

As a whole, the Social Security system forecasts revenue for the year of 109.83 billion euros from National Insurance contributions. Using this parameter, revenue from contributions currently represent 83.88% of that forecast for 2015.

Current transfers amounted to 15.54 billion euros - up 1.22% on the accumulated figure to the same date in 2014.

Capital transfers amounted to 3.88 billion euros, mainly from revenue received from Mutual Insurance Companies for Accidents in the Workplace and Occupational Diseases.

Revenue from assets amounted to 2.22 billion euros - down 13.03% year-on-year. Taxes and other revenue amounted to 1.02 billion euros, a year-on-year decrease of 8.12%.

Benefits to families and institutions

Economic benefits paid out to families and institutions amount to a total of 109.78 billion euros, a figure that represents 91.02% of total expenditure incurred by the Social Security system.

In a detailed analysis of the different contributory benefits, pensions (disability, retirement, widowhood, orphanhood and those paid out to relatives) amount to 92.78 billion euros - up 3.38% year-on-year. Benefits for maternity, paternity and pregnancy risk rose to 1.97 billion euros, a year-on-year increase of 1.48%. Temporary Incapacity Benefits amounted to 4.78 billion euros - up 13.65% on the same period of 2014.

As at 30 November, non-contributory pensions and benefits (including the supplements paid to minimum contributory pension holders) amounted to 9.84 billion euros, a 0.91% decrease on the previous year. Of this amount, 8.38 billion euros were paid out on non-contributory pensions and minimum pensions, while subsidies and other benefits amounted to 1.45 billion euros, of which1.37 billion euros were paid out to families.

Non-financial revenue and payments

In cash terms, the net revenue of the system amounts to 113.12 billion euros, a 4.16% increase on the same period of the previous year. In turn, payments amount to 120.5 billion euros, a 5.82% rise on the same period of the previous year.