SPAIN: The Government use & aacute; by fifth CHILD pension piggy bank – EntornoInteligente

SPAIN <- - AUGURE_NOTICIA_INICIO>: The government will use the bank for the fifth year in pensions / Five days / The Government plans to make 2016 the Reserve Fund, also called piggy pensions, 6.283 million euros and will for the fifth year but this time down, because it is the lowest forecast spending since 2012, year in which was used for the first time this Fund.

As stated in the draft Law on State Budget for 2016, this is the initially budgeted amount, but will be used in varying As according to the compliance needs of pension payments.

Although the Reserve Fund was established in 1995 to meet the obligations of the system was not used to it until 2012, year in which Executive drew 7.003 million euros; in 2013 they were used in this piggy bank 11.648 million and in 2014 around 14,000.

By 2015, the government approved in the budget a provision of 8.446 million euros to guarantee the payment of pensions.

For the next year, the government has for the first time, an amount less than the payroll of pensions (in July it stood at 8,260 million euros).

July 1, 2015, the Reserve Fund of Social Security accumulated a total of 39,520.46 million and a market value of 43,700 million, 4.1% of GDP.

The Fund Reserve has been reduced from 66.815 million it had in 2011, at which time it had the situation of greater prosperity, because the Government had not had to have any amount until 2012.

From 2011 to 2015, the Reserve Fund has been reduced successively. in 2012 had 63.008 million in 2013 to 53,744 and in 2014 fell to 41.634 million

The contributions made during several years allowed the Fund have accumulated significant capital which has allowed it to meet the deficit experienced by the Spanish economy in recent years.

According to the State Budget for 2016, the allocation for the pension policy next year amounts to 135,448.93 million euros, which translates into growth of 2.9% compared to 2015.

To contributory pensions 118,941.72 million euros are allocated, ie 2.8% more than a year ago while pensions for civil servants, widows, orphans and family allowances have a budget of 13,460.61 million in 2016.

Information Cinco Dias

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