Social Security closed July with a positive balance of 4,774 million euros, equivalent to 0.3% of GDP, which represents a growth of 526% compared to the surplus of 762 million in the same period of the previous year, thanks to the increase in income from social contributions.
On this date, social security contributions entered 10.2% more, reaching 88,999 million euros (8,238 million more than a year earlier). The Ministry of Inclusion, Social Security and Migrations has highlighted in a statement that this is the largest increase in the last 16 years for this period.
If the income corresponding to the intergenerational equity mechanism (MEI), in force since January 1, is discounted, the increase in social contributions would be 8.4% year-on-year.
In total, the non-financial income of the system (recognized rights) amounted to 123,307 million, which shows an increase of 13.7% year-on-year, while non-financial expenses (recognized obligations) reached 118,533 million, after growing by 10, 1%. . On the expenditure side, the largest item is that of pensions, which between January and July increased by 10.7%, to 91,326 million.
