The detriment of the quotation bases posed by Social Security will raise its income at 5,600 million

The increase in contributions applied by the Government to finance the Pension Reserve Fund will be enhanced with the detriment of maximum contribution bases, a

The detriment of the quotation bases posed by Social Security will raise its income at 5,600 million

The increase in contributions applied by the Government to finance the Pension Reserve Fund will be enhanced with the detriment of maximum contribution bases, a second measure whose approval is scheduled for 2022 and that it will be an increase of 5,600 million euros In social security revenues, according to a report by the consultancy Willis Towers Watson in collaboration with the Research Group in Pensions and Social Protection of the University of Valencia and the University of Extremadura.

In a structural reform of the pension system divided into two sections, the Government is able to have approved the first one by January 1, although to achieve it, several fronts have left open with entrepreneurs in social dialogue and with the parties that Toledo pact.

Negotiations for the second section include complicated issues such as a new computing period for the calculation of the retirement pension, the launch of employment pension plans and the detriment of contributions as part of the reinforcement of social security revenues, among others. "Difficult times are coming for pensions in social dialogue", augur sources from this forum that brings together unions and employers. If the alarm among the pensioners for the elongation of the quotation races is what the nerves of Escrivá most unleashes, the same thing happens with entrepreneurs and contributions. Perhaps as a forecast, Escrivá has already advanced that he will invest the current dynamics, drafting space to companies and unions and transferring prominence to Parliament.

For the time being, the reforms that promotes the Government have put the accent on reinforcing the system for the coming decades with an increase in income from contributions to compensate for the increasing spending derived from the retirement of the Baby Boom generation and the revaluation commitment of pensions with the IPC. In 2022, income from contributions, the main financing pathway will grow by 9%, up to 136,345 million euros, although it does not reach to cover the budget of the Agency, amounting to 171,165 million euros.

The increase in revenue will be increased by raising and next year, maximum contribution bases are coming. The Government indicates that the main impulse will come from the recovery of economic activity, without specifying whether, for example, would be, for example, the effect of an increase in the minimum interprofessional (SMI) at 1,000 euros from the current 965 on the contributions of The up to four million salaries that UGT estimates that are affected directly and indirectly by the measure.

Already from 2023, the new finalist quotation of the Intergenerational Equity Mechanism (MEI) would be activated that the Government processed to fill in the pension piggy bank in a decade. With a surcharge of 0.6% to distribute by 0.5% for companies and 0.5% for workers, the estimates on the volume of income that will generate oscillate between the 40,000 million that the government foresees and the little More than 20,000 million euros that calculate independent organizations such as BBVA Research.

Thus, the 127,224 million euros that will pay in quotations companies and employed workers (+ 9.7%) next year will continue to rise in the coming years with the expected unrest. The maximum contribution bases are currently at 4,070 euros per month or 48,841 euros per year. From these remunerations, the difference between salary and the maximum base is free of charge. With the detope that will be raised in 2022, the contributions would go on the salary, raising the revenue of the system. As a reference, as a whole, the 5,600 million euros that would generate the measure would reach only to cover 16% of the transfers that in 2022 will make the state to social security. But we must bear in mind that Minister Escrivá has assured that the measure will be accompanied by a proportional increase in the maximum pension for these contributors, which can be understood that the maximum pensions, currently set at 37,904 euros would also be broken down. What is not clear is to what extent.

The detope is a measure that is recommended by the Toledo Covenant and that it will execute Escrivá. The Congress "proposes that the relationship between the maximum contribution bases and the maximum pension keep balance between contributions made and perceived benefits to guarantee the contributivity, but without impairing the solidarity dimension of the system.

This balance assumes that there is a gap between maximum pensions and maximum bases that reached the ratio of 1.29 by 2021. "In the range of 2010 to 2021 a higher amount of contribution has been observed some 11,000 euros than the pension Maximum, which affects the principle of contributory proportionality, "explains Willis Towers Watson's report.

The experts consider that the unrest of contributions would improve the sustainability of the system only if it is not accompanied by a detriment of the maximum pensions or at least one important increase of these at the end of a transitory period. Of course, they warn, should be done with caution because for some companies it can be a significant increase in the labor cost and, at the same time, a decrease in the net salary of affiliates by the share share of the social security.

Date Of Update: 26 November 2021, 20:20

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