The Ministry of Labor has announced this Thursday that Compensatory pay for the 0.1% deviation in inflation will amount to about 13 euros on average per pension. Is paguilla it will be paid once in February. And sIf the pensioner wants to know exactly how much his benefit will rise, he will have to calculate 0.1% of the annual pension.
Pensions were up by 1.6% in 2018. However, the average inflation between December 2017 and November 2018 reached 1.68%. With rounding it was left at 1.7%, and to compensate that difference of 0.1% will be disbursed a total of 107 million euros, as explained by the Secretary of State for Social Security, Octavio Granado. As a result, the pension in 2018 will have gone up by 1.7%, and not by 1.6% as was initially reflected in the 2018 Budgets.
The Ministry of Labor, Migration and Social Security has presented its accounts on Thursday for 2019. They include an increase in the Social Security budget from 6.7% to 151,492 million euros. With these monies are paid pensions, temporary disability, maternity and paternity leave, among others-are excluded from the pensions of officials known as passive classes–. The starting point is increased by the revaluations, the entry of new pensioners with better contribution careers and therefore higher benefits or the lengthening to eight weeks of paternity leave.
Contribution revenues will grow by 7.5% to 123,584 million. This increase, estimated at some 8,600 million, is justified in part by the increase in contributions: the maximum is raised by 7%, the minimum by 22.3% in proportion to the increase in the minimum wage, by the self-employed and by the Household employees. Quotations from the non-professional caregivers or the increase of the bases of the unemployment subsidies from 100% to 125% of the minimum wage.
The collection also grows due to the growth of employment and wages. The macro table of the Budget estimates an increase in employment of 1.8%, that is, something above 300,000 jobs. And it foresees a rise in wages of 2.1%.
As a result of these revenues and expenses, the expected deficit in Social Security will once again be in the vicinity of 18,000 million euros, a figure similar to that of the two preceding years. On the other hand, in relation to GDP, it will fall slightly to 1.49%.