In June, Social Security registered a surplus of 587 million euros, up 234.9 million over the same period in 2020, the Ministry of Labor, Solidarity and Social Security said today.
The government said in a statement that “the overall balance of the social security subsector reached 587.1 million euros in June.”
“An increase in actual revenues of 1,337.1 million euros and an increase in effective spending of 1,102.2 million euros contributed to this result, mainly due to the emergency measures taken to address the socio-economic impact of the COVID-19 pandemic,” the ministry said. led by Ana Mendes Godinho.
Actual income from social security increased by 9.6% compared to the same period last year and amounted to 15,292.4 million euros.
The ministry explains that the increase in revenues “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 by 650.3 million euros (which is an increase of 7.7%)”, while how remittances from abroad registered an increase of 81 million euros (+ 12.3% over the same period last year).
Expenses increased by 8.1% year-on-year to € 14,705.3 million.
“This increase was mainly due to the emergency measures taken in the context of the COVID-19 pandemic, which represent a cost increase of € 1,304.1 million,” the office said.
The increase in expenses is also associated with unemployment benefits of 159 million euros, up 22%.
Pension expenses and supplements also increased by € 212.1 million (+ 2.8%) compared to June 2020. Also, subsidies and current transfers increased by 131.3 million euros. For vocational training and social action (+ 21.3%), as well as an increase in spending on social action programs and benefits by 7.1%, which is 64.7 million euros more than in June 2020.
