site.btaUPDATED Public Social Insurance Spending on Pensions in 2022 - Nearly BGN 1.4 Bln More, Y/Y

In 2022, Public Social Insurance (PSI) spending on pensions was 9.7% more compared to 2021, or up by BGN 1,385.3 million, the National Social Insurance Institute (NSII) reported on Thursday. The NSII provides monthly information on the cash performance of the budgets of the social insurance funds administered by the institute by virtue of legal delegation.

The total amount of reported revenues as of December 31, 2022, to the public social insurance consolidated budget is BGN 9,991.3 million, which represents 103.2% of the implementation of the plan for the year. Revenues received are BGN 887.2 million more than at the end of 2021. Total reported expenditure amounted to BGN 18,108.4 million or 99.3% of the plan for the year. They are BGN 793.9 million more than in the previous year.

The largest part of expenditures in the consolidated PSI budget was for pensions, which amounted to BGN 15,634.7 million, which is 100.8% of the previously planned, the Institute added.

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 to vaccinated pensioners. 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 101.9 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 143.5 million went for an Easter bonus of BGN 70 to all pensioners, and another BGN 140.3 million were spent on a Christmas bonus of again BGN 70 to each pensioner. 

The institute points out that the next largest group of expenditures in the consolidated PSI budget is the cost of payment of cash benefits and allowances under the Social Insurance Code, which as of 31 December 2022 amounted to BGN 2,162.7 million or 94.6% of the plan for the year. The reported expenditures for the year are BGN 65.9 million more than in 2021, the institute said.

Total net transfers under the consolidated PSI budget over the 12-month period were BGN 8,041.7 million.

Revenues to the Teachers' Pension Fund amounted to BGN 97.9 million, which was 92.9% of the annual target. Such revenues increased by BGN 5.5 million year on year. Expenditures from the Teachers' Pension Fund were BGN 69.7 million, which was 83.2% of the annual target. Such expenditures grew by BGN 16.8 million from a year earlier.

The 12-month revenues of the Employees' Receivables Guarantee Fund were BGN 2,279.7 million, which was 91.2% of the annual target. Such revenues dropped by BGN 583,400 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.