March 8, 2021

The Government draw 2,900 million of the 'piggy bank of pensions' for the extra Christmas – La Provincia


The Minister of Labor, Migration and Social Security,Magdalena Valerio,announced this Wednesday that the government will only use2,900 million eurosof the Social Security Reserve Fund to meet the payment of pensions in December, compared to the more than 3,600 million euros authorized at first.

This was stated by the head of the Ministry during his intervention in the Permanent Delegation of theCongress of Deputiesto request the validation of the Royal Decree by which measures were adopted regarding the budget of theSocial Securityon November 15.

With this new provision, known as'pension piggy bank'It will have about 2,150 million euros at the end of December this year.

HeSocial Security Reserve Fundreached its maximum amount in 2011, when it added a total of 66,815 million euros and, as of 2012, the first year of disposal, 7,003 million euros were withdrawn; in 2013, 11,648 million euros were available; in 2014, 15.3 billion euros; in 2015, 13,250 million euros; in 2016, 20,136 million euros were available; in 2017, 7,100 million euros, and in 2018 3,000 million euros were withdrawn.

After this last provision of the'pension piggy bank',At the end of 2019, the amount will be around 2,150 million euros, compared to the more than 66,000 million available in 2011 and despite the fact that the Government has approved several loans to avoid leaving the Fund to zero.

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