Government spending less on retirement pensions
Expenditure on social security benefits dropped by 1.6 per cent in the first three quarters this year, mainly on account of lower expenditure on retirement pensions, when compared to the corresponding, the National Statistics Office said. It said that...
Expenditure on social security benefits dropped by 1.6 per cent in the first three quarters this year, mainly on account of lower expenditure on retirement pensions, when compared to the corresponding, the National Statistics Office said.
It said that total expenditure on social security benefits amounted to €525.2 million in the first nine months, down by €8.5 million over the corresponding period last year.
This reflected mainly lower expenditure on contributory benefits amounting to €5.3 million.
Concurrently, non-contributory benefits decreased by €3.2 million.
The declines in both contributory benefits and non-contributory benefits are attributed to an extra payment during the first nine months of 2010 compared to the corresponding period this year.
The decrease in contributory benefits was essentially the result of a €6.6 million decline in retirement pensions, which amounted to €255.9 million for January-September.
Invalidity pensions decreased during the period under review by €2 million.
Widowhood pensions increased by €2.3 million, while the contributory bonus added €1.5 million.
Non-Contributory benefits decreased by €3.2 million over the comparative period in 2010. The decrease was mainly attributed to a €2.6 million decline in social assistance.
The decline of €1.6 million in children's allowance expenditure was in part offset by increases in old age pensions, disability pensions/allowance and the supplementary assistance.
Expenditure on social security benefits during the third quarter amounted to €160.2 million, an increase of €3.3 million compared to the September quarter of 2010.
This was the result of an increase of €3.8 million in contributory benefits, which was in part offset by a decline of €0.5 million in non-contributory benefits.
The increase in contributory benefits was driven by the additional outlay of €2.8 million in two-thirds pension.
The decrease in the non-contributory benefits was mainly due to the decline of €0.7 million registered under children's allowance expenditure.