Spanish Social Security Posts Surplus Of 2.74 Billion Euros

According to the performance data reflected in the Accounting Information System of the Social Security, Spain’s system accounts posted a surplus of 2.74 billion euros at the end of February.

This balance corresponds to the difference between recognized revenue from non-financial transactions of 22.52 billion euros and recognized expenses of 19.79 billion euros.

Of the total volume of recognized revenue, 91.81% corresponds to the administrative entities and common services of the Social Security system while the remaining 8.19% corresponds to the Mutual Insurance Companies that collaborate with the Social Security authorities. 96.14% of the expenses were recognized by the administrative entities and the remaining 3.86% by the mutual insurance companies.

Revenue

National Insurance contributions amounted to 17.95 billion euros, which represents an increase of 3.95 percentage points on the same period last year as a result of a 4.55% rise in contributions from the employed and a 4.77% drop in contributions from the unemployed.

In terms of cash resources – the cash accounting term used to monitor the income and outgoings of cash monetary resources in the system – the rate of year-on-year growth for National Insurance contributions stands at 4.37%, compared with a rate of 2.71% in February 2016. Specifically, National Insurance contributions within the General Regime rose by 5.22%. This figure stood at 3.73% last year.

Current transfers amounted to 4.12 billion euros – down 2.17% on the accumulated figure to the same date in 2016. Revenue from assets amounted to 175.65 million euros – down 53.12% year-on-year. Taxes and other revenue amounted to 270.51 million euros, a year-on-year decrease of 4.82%.

Expenses

Economic benefits paid out to families and institutions amounted to 18.93 billion euros, a figure that represents 95% of total expenditure incurred by the system.

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