The State comes to the rescue of pensions with an injection of almost 43,300 million



The Government returns to come to the rescue of pensions with an item that will exceed 43,000 million next year with which to comply with the promised payments. Thus, the public accounts for 2022 include a record transfer of 36,276 million euros from the State to Social Security, almost 17% more than this year. In this way, a new step is taken in the transfer of the Social Security deficit to the State through the separation of the sources of financing committed to in the Toledo Pact.

But despite this record transfer, Social Security will continue in the red and, once again, the Government must approve a new loan to be able to pay the payroll. There will be almost 7,000 million, which will increase the debt of the system that is going road to 100,000 million. Total pension spending will grow by 8,000 million euros in 2022, which represents an increase of 4.8% and will carry the total figure above 171,000 million, a record game.

The total amount to be taken by the body that pays the pensions includes the payroll rise, whose increase will rise more than 2% next year, in line with the average inflation resulting from this exercise, which the Executive estimates could be around 2.3%. And the revaluation will be done in this way because this is reflected in the first part of the pension reform agreed between the Government and the social agents that Parliament is already processing. This rule establishes that the calculation basis for the increase in the income of the elderly is the average inflation for the 12 months prior to November. That is, the average between December 2020 and November 2021.

The Budgets do not include, therefore, this increase, since it will be necessary to wait to know the evolution of inflation to November of this year. The one that results at the end of the year is also the one that will determine, for its part, the amount of the “paguilla” that retirees will receive in early 2022 to compensate them for the loss of purchasing power, given that their incomes rose 0.9% at the end of the year and prices are already at 4%.

Thus, at the beginning of 2022, retirees will perceive the difference between the increase that was applied to them and the average inflation with which the year ends. In a scenario in which that average inflation will be around 2.5%, the extra payment would be the equivalent of 1.6 tenths, which would imply an additional expense of about 2.3 billion, which is would consolidate into retirement for life for future uploads. The invoice for the deviation in prices would therefore be 4,600 million, adding the increase and the consolidation. To this amount, in turn, the increase in January should be applied, which will once again be the average inflation of 2022.

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