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SS and CGA

In 2021, excluding the European Social Fund (ESF) and the Fund for European Aid to the Most Deprived (FEAD) effects, Social Security recorded a surplus of 2250 million euro (M€) on a cash basis, 178 M€ more than in 2020, as a result of the increase in effective revenue which exceeded the expenditure growth.

 

Effective revenue, excluding the ESF and FEAD, increased by 3.1% (or 958 M€) compared to the previous year. This result is mainly explained by the fact that the revenue execution was higher than the amount foreseen in the Social Security Budget for 2021 (SSB/2021) due to social contributions growth and by an higher amount of transfers from the State Budget in 2021 compared to that initially budgeted.

 

Social Security expenditure, adjusted for the above-mentioned effects, grew by 2.7% (or 779 M€) compared to the previous year, above the 0.9% forecasted  in the SSB/2021. This execution still reflects the impact of some of the measures adopted in the wake of the pandemic crisis, as well as the increase in expenditure on pensions, social benefits for inclusion and supplements, social action, unemployment benefits and social insertion income.

The Civil Servants Pension Scheme (CGA) achieved an 81 M€ budget surplus on a cash basis, up 8 M€ compared to 2020, with the increase in revenue being slightly higher than that registered in expenditure.

 

CGA's revenue amounted to 10 366 M€ in 2021, 100 M€ more than in the previous year, mainly due to an increase of €77 million in current transfers. Contributions to CGA increased by 22 M€ (or 0.6%), even though the number of subscribers fell by 3.4% and the respective wage bill subject to such contributions fell by 1.4%.

 

CGA's expenditure totalled 10 286 M€ in 2021, 92 M€ more than in the previous year. This development was mainly justified by the 88 M€ increase in family transfers, of which 64 M€ in pensions and allowances under CGA responsibility. The latter occurred despite the fact that the average number of retirees fell from 481 796 in 2020 to 481 078 in 2021. This volume effect was more than offset by a price effect resulting mainly from a 10 € increase in the average value of total retirement pensions.

 

The negative gap between the number of retirees and the number of CGA subscribers increased again, and the ratio of active/inactive continued a downward trend: 0.83 active subscribers per retiree, which compares with 0.86 at the end of 2020. This negative development is determined by the fact that the CGA scheme has been closed to new subscribers since 1 January 2006.

General Government Sectors . Report nº 6/2022 . 02 June 2022