According to the performance data reflected in the Accounting Information System of the Social Security System, the Spanish Social Security accounts posted a surplus of 943 million euros to 30 November 2013. This compares with a figure of 2.76 billion euros in the same period last year.
This surplus of 943 million euros corresponds to the difference between
recognised revenue from non-financial transactions of 112.43 billion euros, up
2.77% and recognised expenses of 111.49 billion euros, up 4.54% on the same
period last year. Expenditure not yet charged to the budget at this time would
amount to approximately 686 million euros.
Total pensions paid out in the month amounted to 7.9 billion euros, meaning that this balance - although positive - was insufficient to cover the payment of pensions in December. For that reason, it was necessary to draw down cash from the Social Security Reserve Fund.
Growth in revenue in November 2013 can be mainly explained by the increase in transfers from the State amounting to 15.27 billion euros - 98.28% of the budgeted total. These transfers are 6.42 billion euros higher than those received under the same heading in the corresponding period last year. Contributions from the State represent 13.58% of total revenue.
It should be noted that the 2013 Budget earmarked 6.67 billion euros more than for the previous year by way of State contributions to the Social Security System; reaching a total of 15.54 billion euros.
In cash accounting terms, these non-financial transactions led to cash revenue of 109.55 billion euros, up 3.78% on the previous year, due to the effect of the State transfers, as stated in the recognised revenue, while expenses rose by 4.78% to 111.37 billion euros.
Of the total volume of recognised revenue, 92.25% corresponds to the administrative entities and common services of the Social Security while the remaining 7.75% corresponds to the Mutual Insurance Companies for Accidents in the Workplace and Occupational Diseases. 93.61% of the expenses were recognised by the administrative entities and the remaining 6.39% by the mutual insurance companies.
Overall, the Social Security System expected to receive a total of 105.86 billion euros this year by way of National Insurance contributions. Hence, the revenue from contributions accounts for 85.12% of the forecast total for 2013.
Current transfers amounted to 17.77 billion euros - up 54.06% on the accumulated figure to November 2012, which was fundamentally due to the increase in transfers received from the State, as stated previously.
Revenue from assets amounted to 2.76 billion euros, a decrease of 14.75% on the same period last year. Taxes and other revenue amounted to 1.24 billion euros, a year-on-year decrease of 11.47%.
Within the category of contributory benefits, pensions (disability, retirement, widowhood, orphanhood, and those paid out to relatives) accounted for 93.07 billion euros, up 4.88% on last year. Benefits for maternity, paternity and pregnancy risk amounted to 1.94 billion euros, representing a 6.3% year-on-year reduction.
Spending on Temporary Incapacity Benefit amounted to 3.85 billion euros, which is 9.64% less than in the same month last year, when this figure amounted to 4.26 billion euros. This saving can be added to that obtained in 2012 and is mainly due to the management partnership agreements with the healthcare services of the autonomous regions.
As at 30 November, non-contributory pensions and benefits posted a year-on-year increase of 50.54% to a total of 4.76 billion euros, with 2.37 billion euros allocated to non-contributory pensions and 2.38 billion euros to subsidies and other benefits, of which 1.28 billion euros were allocated to family benefits. This year-on-year increase can be explained by expenses from the previous financial year amounting to 1.35 billion euros having been applied to the budget. When not taking this factor into account, the increase in non-contributory benefits would fall to 7.94% on the previous year.
As regards the management expenses incurred by the Social Security System, there was a notable overall reduction of 4.55% when compared with last year; with expenditure on investment down by 21.43%, expenditure on current costs down by 5.42% and expenditure on labour costs down by 2.7%.
Total pensions paid out in the month amounted to 7.9 billion euros, meaning that this balance - although positive - was insufficient to cover the payment of pensions in December. For that reason, it was necessary to draw down cash from the Social Security Reserve Fund.
Growth in revenue in November 2013 can be mainly explained by the increase in transfers from the State amounting to 15.27 billion euros - 98.28% of the budgeted total. These transfers are 6.42 billion euros higher than those received under the same heading in the corresponding period last year. Contributions from the State represent 13.58% of total revenue.
It should be noted that the 2013 Budget earmarked 6.67 billion euros more than for the previous year by way of State contributions to the Social Security System; reaching a total of 15.54 billion euros.
In cash accounting terms, these non-financial transactions led to cash revenue of 109.55 billion euros, up 3.78% on the previous year, due to the effect of the State transfers, as stated in the recognised revenue, while expenses rose by 4.78% to 111.37 billion euros.
Of the total volume of recognised revenue, 92.25% corresponds to the administrative entities and common services of the Social Security while the remaining 7.75% corresponds to the Mutual Insurance Companies for Accidents in the Workplace and Occupational Diseases. 93.61% of the expenses were recognised by the administrative entities and the remaining 6.39% by the mutual insurance companies.
Non-financial revenue
National Insurance contributions amounted to 90.11 billion euros, which represents a fall of 2.78 percentage points on the same period last year as a result of a 1.66% drop in contributions from the employed and a 12.54% drop in contributions from the unemployed.Overall, the Social Security System expected to receive a total of 105.86 billion euros this year by way of National Insurance contributions. Hence, the revenue from contributions accounts for 85.12% of the forecast total for 2013.
Current transfers amounted to 17.77 billion euros - up 54.06% on the accumulated figure to November 2012, which was fundamentally due to the increase in transfers received from the State, as stated previously.
Revenue from assets amounted to 2.76 billion euros, a decrease of 14.75% on the same period last year. Taxes and other revenue amounted to 1.24 billion euros, a year-on-year decrease of 11.47%.
Non-financial expenditure
Economic benefits paid out to families and institutions amounted to 104.04 billion euros, a figure that represents 93.32% of total expenditure incurred by the Social Security System. The largest item in the budget, 99.29 billion euros, corresponds to contributory pensions and benefits, up 3.94% on last year.Within the category of contributory benefits, pensions (disability, retirement, widowhood, orphanhood, and those paid out to relatives) accounted for 93.07 billion euros, up 4.88% on last year. Benefits for maternity, paternity and pregnancy risk amounted to 1.94 billion euros, representing a 6.3% year-on-year reduction.
Spending on Temporary Incapacity Benefit amounted to 3.85 billion euros, which is 9.64% less than in the same month last year, when this figure amounted to 4.26 billion euros. This saving can be added to that obtained in 2012 and is mainly due to the management partnership agreements with the healthcare services of the autonomous regions.
As at 30 November, non-contributory pensions and benefits posted a year-on-year increase of 50.54% to a total of 4.76 billion euros, with 2.37 billion euros allocated to non-contributory pensions and 2.38 billion euros to subsidies and other benefits, of which 1.28 billion euros were allocated to family benefits. This year-on-year increase can be explained by expenses from the previous financial year amounting to 1.35 billion euros having been applied to the budget. When not taking this factor into account, the increase in non-contributory benefits would fall to 7.94% on the previous year.
As regards the management expenses incurred by the Social Security System, there was a notable overall reduction of 4.55% when compared with last year; with expenditure on investment down by 21.43%, expenditure on current costs down by 5.42% and expenditure on labour costs down by 2.7%.
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