Contribution revenues will grow 7.5%
Revenue from social contributions will grow by 7.5% to 123,584 million euros. Despite the increase, these revenues do not even cover the payroll that corresponds to contributory pensions, the most important item of expenditure facing Social Security, which increases by 6.4% to 135,267 million, 10.8% of the Expected GDP. Although the consolidated budget of the Social Security for 2019 amounts to 164,673 million, including the credit of 15,164 million that it will receive from the State and the 850 million transfer that it will obtain to support the financial sustainability of the system, it will not be enough to pay all the costs that he has to undertake so he must resort again to the Reserve Fund. In this sense, the Minister of Labor, Magdalena Valerio, has indicated today when presenting the Budgets of its portfolio that expects to "get something less" of the 3,700 million euros expected from the so-called pension savings bank.
The Social Security will face this year a payroll of around 153,000 million euros to pay pensions, but must also assume the payment of certain benefits and bonuses, as well as employment policies and their own operating costs, which triggers their expenses and its deficit, which this year will reach 18,650 million.