site.btaPublic Social Insurance Spending on Pensions Stands at BGN 14 Bln in January-November

Between January and November 2022, Public Social Insurance (PSI) spending on pensions stood at BGN 14,051.7 million, accounting for the largest share of PSI expenditures. It was 90.6% of the annual target, the National Social Security Institute reported on Thursday. PSI spending on pensions over the 11-month period grew by BGN 1,889.8 million compared with a year earlier.

PSI revenues between January and November 2022 were BGN 9,021.1 million, or 93.2% of the annual target. Revenues increased by BGN 802 million year on year.

Total PSI spending in January-November 2022 was BGN 16,326.7 million, which accounted for 89.5% of the annual target. Spending grew by BGN 1,562.8 million year on year.

Some BGN 743.3 million went towards a COVID bonus of BGN 60 for each pensioner. That money had not been planned in the PSI budget for 2022. It came from an external bill established by Council of Ministers decree in 2021.

Some BGN 57 million was spent on one-off supplements of BGN 75. This money had not been earmarked in the 2022 PSI budget either. It came from an external bill established by Council of Ministers decree in 2021.

A total of BGN 101.7 million was spent on compensation payments for the difference from the pension income in December 2021. The compensation payments were due for disbursal between January and June 2022. Some BGN 143.4 million went for an Easter bonus of BGN 70 to all pensioners.

The next largest group of expenditures in the consolidated PSI budget were compensation payments and allowances under the Social Insurance Code, which totalled BGN 1,983.9 million in January-November 2022, accounting for 86.8% of the annual target. This was BGN 134.3 million more than a year earlier.

Total net transfers under the consolidated PSI budget over the 11-month period were BGN 7,170.2 million.

Revenues to the Teachers' Pension Fund amounted to BGN 88.2 million, which was 83.6% of the annual target. Such revenues increased by BGN 4.4 million year on year. Expenditures from the Teachers' Pension Fund were BGN 63.0 million, which was 75.3% of the annual target. Such expenditures grew by BGN 14.7 million from a year earlier.

The 11-month revenues of the Employees' Receivables Guarantee Fund were BGN 2,181,700, which was 87.3% of the annual target. Such revenues dropped by BGN 583,000 year on year. Expenditures of the Employees' Receivables Guarantee Fund amounted to BGN 1,146,900, or 24.1% of the annual target. The Fund's expenditures decreased by BGN 2,302,200 compared with a year earlier.