Be the first to comment!Social Security Benefits expenditure up by 6.3% this year
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Expenditure on Social Security Benefits rose by 6.3 per cent during the first three quarters of 2010, driven mainly by outlays on Pensions in respect of Retirement, Pensions in respect of Widowhood and the Contributory Bonus.
Total expenditure on Social Security Benefits amounted to €533.7 million during the first nine months of 2010, up by €31.7 million over the comparative period last year. This reflected mainly higher expenditure on Contributory Benefits amounting to €28.1 million. Non-Contributory Benefits rose by €3.6 million.
The increase in Contributory Benefits was essentially the result of an €18.7 million growth in Pensions in respect of Retirement, which totalled €262.5 million. This increase was underpinned by the outlay on the Two-thirds Pension, in part reflecting a rise in the number of beneficiaries. Pensions in respect of Invalidity declined by €1.6 million during the period under review, while Benefits relating to Industrial Injuries declined marginally. Pensions in respect of Widowhood increased by €4.2 million.
The outlay on Non-Contributory Benefits increased by €3.6 million over the corresponding period in 2009. Most of the increase in this category was attributed to a €2.0 million rise in Social Assistance. Old Age Pension and Medical Assistance rose by €1.0 million and €0.7 million respectively, while Children’s Allowance and Supplementary Assistance declined by €0.8 million and €0.2 million respectively.
Expenditure on Social Security Benefits during the third quarter amounted to €157.0 million, an increase of €9.3 million compared to the corresponding quarter last year. Contributory benefits added €9.0 million while Non-Contributory Benefits went up by €0.3 million. The Two-thirds Pension made up €6.6 million of the increase in the Contributory Benefits. The increase in the Non-Contributory Benefits resulted from higher expenditure in respect of the Old Age Pension (+€0.4 million). A glossary at the end of this release defines the major pensions, grants and other benefits.
