The report analyses the Social Security Budget execution and Civil Servants Pension Agency (CGA) on the first half of 2018. For this assessment, the Portuguese Public Finance Council (CFP) took as reference the State Budget for 2018 and the fiscal execution of the previous year. The analysis is based on data presented in the public accounting perspective.
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 Welfare System and of 484 M€ in the Citizenship Social Protection System contributed to this result.
Regarding the fiscal execution of the Civil Servants Pension Agency, the fiscal surplus recorded up to June this year was of 78 M€. 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 bonus will be paid.
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.