The Balearic Islands register for the first time 600,000 people affiliated with Social Security

Aug 3, 2022 | Current affairs, Featured, Thursday Daily Bulletin, Tradition

For the ninth consecutive year, Social Security enrolment in the Balearic Islands reached a new all-time high, with 606,647 people affiliated. This is the first time in the entire historical series that the Islands have surpassed the 600,000 enrolment ceiling. This year-on-year increase represents a growth of 11.1%, the highest in Spain as a whole, which saw enrolment rise by 3.8%. Moreover, unemployment in the Balearic Islands in July was also very low, reaching 2007 levels. Unemployment in July was 35,006 people, a fall of 33.7% compared to the same month last year.

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The Minister of Economic Model, Tourism and Employment, Iago Negueruela, today presented the enrolment and unemployment figures for July, together with the Director General of Economic Model and Employment, Llorenç Pou, and said that the figures clearly show that the Islands are in a situation of a strong, consolidated and expanding economy, with the uncertainties caused by inflation, but also with a very positive performance of the other indicators, such as the increase in enrolment and the fall in unemployment.

In this regard, the Minister pointed out that the Balearic Islands continue to lead the way in job creation and unemployment reduction in Spain, and are showing a faster pace than the rest of the country. In fact, in the monthly evolution, the Balearic Islands proved to be the driving force in job creation, since it was the region with the highest growth in enrolment (13,860), while in Spain as a whole enrolment fell by 7,366 people.

Another noteworthy fact is that the number of self-employed workers also reached an all-time high, once again exceeding the 100,000 mark for the second consecutive month. Specifically, 100,839 self-employed persons were registered.

Permanent employment stands at 70.2%.

Permanent contracts are once again an important element in the analysis of the labour market in the Islands, since, for the fourth consecutive month, the percentage of new permanent contracts is at high levels, thus consolidating the change of scenario in the Balearic labour market, with a new paradigm where permanent contracts are the norm and a temporary employment rate that now stands at values comparable to the European average.

Thus, in just one year it has gone from registering 15.5% of permanent contracts to 70.2% in July this year. By islands, Formentera stands out with 86% of permanent contracts; by age bracket, it is young people who have benefited most from the effects of labour reform (39% of the total) and by sector, the hospitality industry (with 80,798 new permanent contracts) is the most prominent. In Spain, the rate of permanent contracts is only 33.4% on average.

Unemployment fell by 33.7% and stood at 35,006 unemployed persons.

Finally, 35,006 people were registered as unemployed in July, the lowest figure in the last 15 years for this period, and representing a fall of 33.7% compared to a year ago. This is the sharpest fall in the whole of Spain, which reduced unemployment by 15.6%.

As happens in the months of July in contexts of economic expansion, unemployment grew slightly compared to June (2.2%), explained by seasonal patterns in some sectors. The month-on-month increase this year (758 persons) is, in any case, lower than the usual values in periods of economic expansion.