The payment of pensions to credit shoots up 82% of the debt of the system in two years

Pension spending reaches a new record high in September, up to 9.693 million eurosEl G20 warning about the need to promote a society "with active ageing,"The

The payment of pensions to credit shoots up 82% of the debt of the system in two years
Pension spending reaches a new record high in September, up to 9.693 million eurosEl G20 warning about the need to promote a society "with active ageing,"The hill, September Sanchez: deficit, pensions, Budgets

The recourse to loans from the State to finance the payment of pensions in the past two years has soared 82.3% of the debt of the Social Security in just two years. The agency that maintains the system, and that also takes care of other benefits, such as the unemployment rose last July until 49.944 million of its obligations. At the end of 2017, the figure amounted to 27.393, which means that in less than two years, the security institute has farmed their debts with 22.551 million more.

The reason for this escalation of the debt there are that find it in the annual appropriations that it has been forced to ask the Social Security to be able to tackle the nearly ten million pension, because the contributions of the 19 million members are insufficient to cover benefits that have grown from average 5% in the last year and given that the Reserve Fund is not sufficient to cover a monthly stipend. The piggy bank of the pension you are already 5,000 million.

The debt of the Social Security is increasingly contributing to the increase of the total liabilities of the public sector. If the joint debt of the central Administration, autonomous regions, municipalities and Social Security itself rose in the last full year, the, 2018, in 28.684 million in net terms, the agency that pays the pensions it did in the same period in 13.801 million, equivalent to 41.3% of the total amount. If we take into account the liabilities consolidated or between administrations, the increase in the liability of the system is almost half.

at The close of 2016, the debt of Social Security was little more than 17,000 million, an amount that the system drag of the loans that the State awarded between 1994 and 1999 and whose amortization has been postponed from decade to decade. The explosion of debt came a year later, when the system, unable to pay the pensions, had to resort to the Treasury. In 2017, we asked 10.192 million; in 2018, the loan grew up to 15.200 million, and last march, the agency received another loan, this time of 13.830 million, to pay for the extras of July and Christmas of this year. With that, expected to the debt of the Social Security will close by 2019 with a passive higher-at least to 55,000 million euros, so that in only three years it will triple.

What justifies the need of the system of debt is your delicate financial situation . Your gap between income and expenses has made the red numbers on Social Security are positioned in 2018 18.300 million. The unstoppable spending on pensions, the fruit of that new retirees retire with pay higher, more of the increases approved in the last legislatures, threatening to worsen that deficit, which will close the year at around 19,000 million.

In the past few years have been assumed spending policies that have strong impact on the Budget. The recent agreements made between the previous Government of the PP and the PNV raised minimum pensions and social assistance 3% and the rest 1.6% -above the 0.25% of that marked out by the law - besides the increase of the widow's pensions. An increase that this year and last, " replied the Executive officer of Sanchez. The Government interpreted the opinion of the Toledo Pact, and after deleting the Index Appreciation, which limited the rise of the benefits to 0.25% while the Social Security are in deficit, paid a pay compensatory between the rise applied last January and the evolution of the prices between December 2017 and November 2018, which was 1.7%. Difference of 0.1% in additional paid in one pay that cost about 400 million.

The rise of the retirement has not been the only extraordinary expense. The bill of the payroll have joined this year the costs of decisions as the return of the partial retirement, with a cost of 2.000 million for the public coffers or other 2,000 of expenses for temporary disability for the budgets of 2018 that Work managed to delay it until early this year for reasons strictly accounting.

The output that in recent years has had the system to deal with the payment of the pensions has been the resource to the Reserve Fund. A pathway that is now exhausted, taking into account that already a single account with 5.043 million euros, an amount insufficient to pay only one monthly payroll, in these moments of 9.693 billion. The Reserve Fund has reached these levels after the appeal continued to their funds since the crisis hit the job with all his strength. To be able to meet the timely payment of pensions, recourse to the bank was systematic since 2012.

The resources consumed from this exercise outweigh the 77.400 million .

Now with this piggy bank at a minimum and in debt to the max, the only ball of oxygen for the system are the quotes. The impact of the rise in the minimum wage, and increased taxes to employment have contributed to the quotas to grow at a pace unknown, close to 8%. The slowdown in employment has become a serious threat.

Date Of Update: 26 September 2019, 12:01

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