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- Government Expenditure on Social Security Benefits up 5.4%
- Social Security Benefits Expenditure up 19.2%
- Capital expenditure declines but Government debt increases
- Government debt increases to €3,289.8 million
- Shortfall in government finances increases by €6.7 million
- Expenditure of general government sector by function 2002-6
- First quarter shortfall increases by €80.4 million
- Government shortfall up by €76.6 million, Government debt up by €78.0 million
- Government finances shortfall increases to Lm82.0 million
- The Government shortfall has increased by €43.4 million
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Expenditure on social security benefits rose by 5.2 per cent during 2007, mainly due to higher outlays on pensions in respect of retirement.
Total expenditure on social security benefits during 2007 increased by Lm12.2 million (€28.5 million), or 5.2 per cent compared to 2006, and amounted to Lm245.7 million (€572.3 million). In 2007 the outlay on social security benefits made up 10.6 per cent o the GDP at current market prices.
The pensions in respect of retirement, which is the main component of contributory benefits, increased by Lm9.0 million (€21.1 million), due to an additional outlay of Lm7.6 million (€17.8 million) in the two-thirds pensions. This increase was brought about by a net increase in the number of beneficiaries. The outlay on retirement pensions increased by Lm1.2 million (€2.8 million).
The pensions in respect of widowhood also added Lm1.5 million (€3.4 million), mainly on account of the survivors’ pension which accounted for Lm1.0 million (€2.4 million) of this increase.
In 2007, non-contributory benefits increased by Lm1.2 million (€2.7 million), or 2.0 per cent over the previous year. Within this category, social assistance increased by Lm0.9 million (€2.1 million) which was in part offset by a decline in children’s allowance of Lm0.8 million (€1.9 million).
Expenditure on social security benefits during the last quarter of 2007 registered an increase of Lm2.7 million (€6.4 million), or 4.6 per cent. This was essentially brought about by an additional outlay of Lm1.6 million (€3.8 million) in the two-thirds pension. A glossary at the end of this release defines the major pensions, grants and other benefits.
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