Between the deferral of contributions and the drop in activity due to the coronavirus epidemic and prolonged confinement, the Central Agency for Social Security Organizations (Acoss) said on Wednesday that its debt would exceed 50 billion euros in early May .
"Today we are at 45 billion, but it will widen to 52-53 billion after the payment of retirement pensions," said Yann-Gaël Amghar, director of Acoss, during a hearing by the commission of Senate social affairs. The next payment of basic Social Security pensions is scheduled for May 7, according to the National Old Age Insurance Fund.
€ 22 billion less in revenue
At this stage, however, there is "no risk of exceeding the debt ceiling" of Acoss, raised by the government at the end of March from 39 to 70 billion euros, added Yann-Gaël Amghar. The agency, which provides the cash for the Social Security through loans for a maximum of one year, however sees its situation deteriorate as the partial unemployment explodes (11.3 million employees to date), this which should deprive it of at least 22 billion euros in revenue in 2020, according to the latest forecasts.
In addition, companies and the self-employed have benefited from deferral of contributions for an amount of 13 billion euros since mid-March, which should increase further on the next deadline of May 5. Part of this sum could be canceled, as mentioned by the Minister of Public Accounts, Gérald Darmanin, during a previous hearing last week.
Concerned about a possible lack of "liquidity" on the financial markets, Yann-Gaël Amghar estimated that "we would not cut to a recovery" of the claims of Acoss by the Social Security Debt Reduction Fund (Cades ), responsible for reimbursing the “Hole of the Safely” in the longer term.
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