
In 2019 the Social Security recorded a 2776 M€ surplus on a cash basis, excluding the European Social Fund (ESF) and the European Fund for Aid to the Most Deprived (FEAC) effects. The surplus was higher than the 1501 M€ predicted in the Social Security Budget for 2019 (SSB/2019).
Effective revenue excluding those transfers grew 8.1%, more than the 5.4% forecast underlying the Social Security budget (SSB) for 2019. This was due to a 593 M€ higher than foreseen revenue.
Effective expenditure adjusted of the same effects increased 5.3% compared to 2018, below the 7.6% forecast in SSB/2019. Expenditure on social benefits grew 5.3%, below the 6.5% forecast.
The Civil Servants Pension Scheme (CGA) reached a 54 M€ surplus in 2019. Adjusting for an accounting change in expenditure recording in 2019, the balance decreased by 167 M€, due to a combination of a 1.5% increase in expenditure and a revenue reduction (-0.2%).
CGA's revenue decreased 0.2% in 2019 to 9985 M€, for the first time since 2012, and stayed 39 M€ below the State Budget forecast for 2019. Adjusted expenditure increased by 1.5% or 151 M€ in 2019, mainly due to expenditure with pensions and allowances, but grew less than the 1.9% underlying the State Budget.
The gap between the number of pensioners and the number of subscribers continues to wide: at the end of 2019 there were 0.90 active subscribers per pensioner. This negative development contributes to the structural imbalance of the CGA system.
Date of last update: 21/05/2020