Pensions push social security benefits upwards by €14.9 million

Total social security benefits amounted to €638.6 million during the first nine months, a 2.4 per cent rise compared to the corresponding period in 2013.

The increase in outlay was due to a €9.2 million increase in expenditure on Contributory Benefits and a €5.7 million increase in Non-Contributory Benefits outlay.

Contributory Benefits expenditure totalled €480.4 million by the end of September, 2.0 per cent higher than 2013. This was mostly due to a €9.7 million rise in outlay on Pensions in respect of Retirement.

An increase in expenditure was also registered under Pensions in respect of Widowhood (€2.5 million) and Invalidity (€0.1 million). On the other hand, declines in expenditure were recorded under Contributory Bonus (€2.6 million) and Other Benefits (€0.6 million).

Non-Contributory Benefits increased by 3.8 per cent in the first nine months. This was due to increases in Social Assistance (€4.2million), Old Age Pension (€1.1 million), Disability Pension/Allowance (€0.9 million), Medical Assistance (€0.4 million) and Supplementary Assistance (€0.4 million). The increase in Non-Contributory expenditure was partly offset by drops in Children’s Allowance (€0.9 million) and Bonus (€0.3 million).

In the third quarter, the outlay on social security benefits increased by €8.2 million, to €226.3 million (Table 2). An increase in expenditure was recorded under Contributory Benefits (€13.3 million), while Non-Contributory benefits declined by €5.1 million during the same period.