The social security surplus rises to 587 million in June – O Journal Económico

In June, Social Security registered a surplus of 587 million euros, an increase of 234.9 million compared to the same period in 2020, the Ministry of Labour, Solidarity and Social Security said today.

The government confirmed in a statement that “the total balance of the social security sub-sector in June amounted to 587.1 million euros.”

The Ministry affirms that “the increase in actual revenue of 1,337.1 million euros and the increase in actual expenditures by 1,102.2 million euros contributed to this result, largely due to the exceptional measures adopted to address the social and economic impacts of the COVID-19 pandemic.” Led by Ana Mendes Godinho.

Actual Social Security revenue increased 9.6% year over year, to €15,292.4 million.

The ministry explained that the revenue growth “is due to an increase in current transfers from the central administration by 479.8 million euros, as well as an increase in contributions and contributions of 650.3 million euros (which represents an increase of 7.7%),” while remittances from abroad recorded an increase of 81 million euros (+12.3 % for the same period in the previous year).

Spending increased 8.1% year-on-year to €14,705.3 million.

The office notes that “this increase resulted, mainly, from the extraordinary measures adopted in the context of the situation of the Covid-19 pandemic, which represented an increase in spending by 1304.1 million euros.”

The increase in spending is also due to unemployment benefits, amounting to 159 million euros, an increase of 22%.

Spending on pensions and additions also grew by €212.1 million (+2.8%), compared to June 2020. There was also an increase of €131.3 million in spending on current transfers and benefits. Vocational training and social work (+21.3%) plus an increase of 7.1 % in spending on social work programs and benefits, or €64.7 million more than in June 2020.