Revenues from Social Security contributions grow by 8.5% year-on-year, reaching a maximum of 128,123 million euros.

Dec 26, 2022 | Current affairs, Featured, Post, Revista Lloseta, Thursday Daily Bulletin, Tradition

Revenues from Social Security contributions continue to rise due to the improvement in employment as a result of the labour reform: in these eleven months, there has been an increase of 8.5% year-on-year. This brings them to 128,123 million euros (10,007 million more than a year earlier).

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If we take as a reference the data for the last financial year that was not affected by the pandemic, 2019, the increase in contributions is 12.8% (14,496 million euros more). In this way, the increase in revenue from social security contributions continues to set record highs, in this case, the largest increase in the last 15 years, in the accumulated January-November period.

Non-financial revenue
In these eleven months, social security contributions amounted to 128,123 million euros, which represents an increase of 8.5% with respect to revenue for the same period of the financial year 2021 (10,007 million euros more).

This improvement is driven by the evolution of revenue from employee contributions, which increased by 9.6% year-on-year to 120,523 million euros (10,523 million euros more).

In addition, contributions from the unemployed amounted to 7.6 billion euros, a decrease of 6.4% (516 million euros less) as a result of the fall in the number of unemployed.

Transfers received by Social Security amounted to 40,448 million euros, down 0.6% year-on-year. The most significant item corresponds to transfers received from the State and autonomous bodies, totalling 36,106 million euros (up 0.7%).

Non-financial expenditure
On the expenditure side, economic benefits to families and institutions reached 153,889 million, 5% more than in the same period of 2021. This figure represents 92.9% of the total expenditure made in the Social Security system.

The largest item, 141,334 million, corresponds to pensions and contributory benefits, with an increase of 4.7%.

In a detailed analysis of the contributory area, spending on pensions (permanent disability, retirement, widowhood, orphanhood and in favour of family members) increased by 6.5% to 124,551 million euros, due to the increase in the number of pensioners (0.8%), the rise in the average pension (5.4%), as well as the general revaluation of 2.5% for contributory pensions in compliance with the new law, which guarantees the purchasing power of pensions.