May 11, 2021

Valerio expects to take out of the piggy bank of pensions less than the 3,700 million expected

Valerio expects to take out of the piggy bank of pensions less than the 3,700 million expected


MADRIDUpdated:

The Minister of Labor, Migration and Social Security, Magdalena Valerio, expects that the amount finally available this year of the Reserve Fund for pensions will be less than the 3,693 million euros foreseen in the draft General State Budgets (PGE) for 2019.

"I hope it is less for the higher collection of fees," said the minister at a press conference to present the Budgets of his Department, which recalled that, in addition to funds from the 'piggy bank', There will be a credit of 15,164 million euros from the State to Social Security to guarantee the balance of the system, given that a deficit of 1.1% of GDP is expected for this year. Valerio recalled that the previous government had planned to take out some 5,000 million euros in 2018, and finally the Socialist Executive only had to use 3,000 million euros. In total, the Fund now has just over 5,000 million.

On the transfer of 850 million euros from the State to Social Security, the minister explained that this is a finalist transfer that aims for the system to enter 850 million whatever the income that procures the tax on financial transactions, whose collection was intended to be destined for Social Security. "

The head of Labor has stressed that "we must reorient the Social Security transatlantic" to return their accounts to balance and for this has appealed to the social and political agreement.

The minister stressed that this year more revenues are expected from quotations, 7.5% more, thanks, among other things, to the improvement of employment and the average remuneration of employees, and warned that, when occupation increases, so do medical losses and work-related accidents. "We can not get used to that," he pointed out.

In this sense, he explained that spending on temporary disability (IT) is increased in this year's Budgets by 8.2% and that control actions are being carried out, since IT spending is rising above the average of the rest of benefits.

This is also due, he added, to the waiting lists in the health service that exist in the autonomous communities and that make medical leave lengthen.

Compensatory pay

On the other hand, Valerio has confirmed that pensioners will receive compensatory pay in February for the deviation of the CPI in 2018, which will entail a cost of about 354 million euros.

As explained by the Secretary of State for Social Security, Octavio Granado, this compensation will be about 13 euros per person and a somewhat lower amount per pension, since there are people who charge both retirement and widowhood at the same time.

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