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The Government is going to 'take' 3,000 million from the Social Security Re...

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Christmas pay to pensioners in December The Government is going to use 3,000 million from the Social Security Reserve Fund to pay the extra Christmas pay to the almost 9 million Spanish pensioners. A disbursement that will be made effective in the checking accounts of retirees in the first days of December. The priority objective that Mariano Rajoy has set is to comply with all the commitments he has made in recent months regarding pensions. That is, at least, the slogan he is sending to his economic team. Well then. As El Confidencial Digital has learned from Government sources, this circumstance will force the Council of Ministers to resort again, in the coming weeks, to the Social Security Reserve Fund to meet the extra Christmas pay for pensioners. . It is estimated that around 3 billion will be used.

Meet treasury needs From the Executive they justify the use of the Social Security Reserve Fund to "meet a series of treasury needs" , while they downplay the importance of the decision by ensuring that it is "something normal and that it is provided for in the General State Budgets" . The Social Security Reserve Fund, known as the “pension Middle East Mobile Number List piggy bank” , has, to date, 69,252.36 million euros, which represents 6.5% of Spanish GDP. This is not the first time that reserves have been used. In July, Social Security already resorted to the Prevention and Rehabilitation Fund to support the payment of benefits. Specifically, it used 4.4 billion euros, practically the entire endowment of the fund. This Social Security Prevention fund is nourished by the surpluses of the Mutual Insurance Companies for Work Accidents and Occupational Diseases.



This is the last step in a legal journey that began in May to be able to use this inactive fund, before turning to the Social Security Reserve Fund as a last resort. The Secretary of State for Social Security, Tomás Burgos , already left the door open, at that time, to use the “pension piggy bank” to pay certain amounts in the future. A period in which Spain could not endure with financing levels that do not fall below 6%. It therefore needs a much more urgent solution , according to the consensus of several analysts consulted by ECD . “Spain is cornered by the markets” In the Executive it is also privately admitted that “Spain is cornered right now by the markets . They explain that the mere suspicion that Spain is not going to ask for a bailout in any case is increasing the pressure on the Spanish debt . “If it were said that it was completely ruled out, the markets would attack Spain,” they point out.


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