In December, the Government will leave around 1,500 million euros in testimonials for the pension piggy bank to pay the extra Christmas pay to the pensioners. The Council of Ministers approved today to make a provision of said fund for a legal maximum of 3,598.2 million euros, which, together with the recourse to credit granted to Social Security, will help finance this payment.

Together with the authorization to resort to the reserve fund, the Government has transferred 600 million euros to Social Security to maintain the payments of the system. This is a "lost fund" transfer the second made this year to complete the payments.

Magdalena Valerio, Minister of Labor, has clarified that the provision of the reserve fund will be made next December and that the final amount will be less than the maximum authorized since this year the Social Security has more resources deervados of income from contributions . Revenues for this chapter have increased by 8% driven by higher wages , membership, Minimum Interprofessional Salary or maximum contributions, Valerio explained.

The barely 1.5 billion euros that will remain in the pension piggy bank are testimonial because they would not even serve to pay a sixth of what a monthly payroll is and they hardly remember the 67.00 billion euros that this fund accumulated only eight years ago . The minister has blamed the PP for emptying the fund with provisions above the maximum and not seeking income to strengthen the system.

Valerio wanted to graphically illustrate his management by pointing out that the Government and Pedro Sánchez is turning the course of the "transatlantic pension", in reference to the changes that the system needs to not be a sinking Titanic. Apart from promising revaluation with the CPI, it is unknown what draft measures will be undertaken to ensure its sustainability.

The reality today is that the debt of the Social Security administrations rose 2.4% in September and stands at 52.445 million euros , new maximum, while on a year-on-year basis it registered an increase of 50, 4%, with 17,582 million euros more in the last year.

This rebound in debt is due to loans granted by the State to Social Security in recent years to guarantee the payment of pensions.

The monthly pension bill is currently close to 9.7 billion euros, but in the months in which there is extra pay, it doubles.

The Government approved last March the granting of a loan from the State to the General Treasury of the Social Security amounting to 13,830 million euros to pay the pensions.

In the months of July and December, Social Security jointly pays the ordinary and extraordinary payroll of pensions, a disbursement that currently reaches 19,000 million euros and that can generate liquidity tensions to the system. In fact, the Government has already announced that, in addition to the loan, to pay the extra Christmas will remove 3.5 billion from the 'pension piggy bank'.

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  • Social Security
  • Magdalena Valerio
  • PP
  • Pedro Sanchez
  • Pensions

This is how the economy arrives at 10-N (I) Each pensioner 'owes' and 10,863 euros to Social Security

In September Public debt rises to 1.2 billion, its second largest historical figure

Reserve Fund The Government of Sanchez will leave just 1.5 billion in the 'piggy bank' of pensions after the extra Christmas