CFP analyses the Social Security and Civil Servants Pension Agency budget outturn in the first half of 2018

6 September 2018

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The Social Security recorded a surplus of 1846 million euros (M€) in public accounts in the first semester of 2018. This outturn was of 1776 M€ if we exclude the impact of the European Social Fund and of the Fund for European Aid to the Most Deprived (FEAD). The surpluses of 1281 M€ in the Insurance System and of 484 M€ in the Citizenship Social Protection System contributed to this result.

The Civil Servants Pension Agency (CGA) registered a surplus of 78 M€ up to June this year. This outturn was below the 89M€ registered in the same period of the previous year but above the 42 M€ foreseen in the State Budget for 2018. However, the comparison with the annual goal can only be done by the end of the year because of the change in the way Christmas subsidy will be paid.

The number of pensioners in the CGA, excluding the survival ones, reached 479 758 by the end of June 2018, a decrease of 692 from the same period of 2017. The negative difference between the number of subscribers and the number of retirees keeps on getting higher during the first half of the year. This contributes to the structural imbalance of the system due to the closure to new registrations in December 2005.

Up to the date this report was prepared no information has yet been obtained regarding the physical data of the Social Security system, namely the evolution of the number of taxpayers and their average salaries declared by type of qualification. The monthly numbers of new pensioners per regime and the number of the new pensioners of early retirement pension for unemployment and of early voluntary pension are also missing, as well as the monthly numbers of new beneficiaries of unemployment benefits, sickness, parenting and family.

The missing information is indispensable to more detailed analysis and the identification of the major factors underlying the performance of the items that make up revenue and expenditure, such as changes in earnings and in the value of new pensions.

Read the full report here (only in Portuguese).