Social Security registers its record income from contributions thanks to employment and the increase in the SMI

The recovery of the economy after the passage of the pandemic has raised the number of affiliates to Social Security above 20 million and that translates into higher income for the system.

Until last August, the box of the body that manages pensions entered

associated with the contracts, which marks a historical record.

In the first eight months of the year, the Social Security Fund has increased its income for this concept by 7,613 million euros compared to last year, when the economic recovery was not complete and, for example, the high tourist season had as main clients to Spanish tourists.

.

Compared to 2019, the last reference of a year not affected by the pandemic, prices have increased by more than 12%, a rate not seen since the eve of the great financial crisis of 2008.

also influence the boost to income

.

The minimum base for Social Security contributions in 2022 is now

, which is

euros per month (compared to 944.4 euros per month in 2021). As for the maximum bases, they have not been touched, although they appear on the reform agenda of the system that wants to implement the Government from next year.

Whether revenues will be able to keep up this pace in the coming months is uncertain.

Economists have already warned that

, also indicating that it is prepared to activate employment protection mechanisms if the price crisis spreads to the labor market.

Supervisory bodies such as the European Central Bank have already warned that the sharp increase in interest rates in response to inflation may cause, more than a slowdown in the labor market, some job destruction.

Until now, none of these effects have been seen and

Employed workers generated contributions of 87,146 million euros, 10.2% more.

For their part, the unemployed paid 5,519 million euros, which is 8% less and is mainly due to the drop in unemployment.

With this income plus the transfers that Social Security receives from the State, the organization faces the payment of pensions.

The transfers increased their volume by 5%, 27,887 million euros, adding to the contributions to face

that reached 114,234 million until August, 4.5% more.

Only pensions and contributory benefits - those that are financed with contributions - amounted to 92,979 million, 374 million more than the recorded income record.

has made this expense, the main one, grow by 6.5%.

In 2023, only the cost of updating pensions with the CPI will lead to greater growth in spending.

Conforms to The Trust Project criteria

Know more

• Social Security

• Add

• ERTE

• pensions