Expenditure on Social Security Benefits increased by 6.8 per cent in the first nine months mainly due to higher expenditure on Pensions in respect of Retirement, Children’s Allowances and Bonuses revealed the National Statistics Office (NSO).
The total expenditure on social security benefits for the first nine months this year amounted to €561.2 million, €35.9 million more than the corresponding period in 2011. This was the result of an increase of €27.5 million in expenditure on Contributory Benefits.
Furthermore, expenditure on Non-Contributory Benefits went up by €8.4 million. The increase in expenditure for Contributory Benefits was mainly due to a €20.7 million increase in Pensions in respect of Retirement. There were also increases recorded for Contributory Bonus (+€5.5 million) and Pensions in respect of Widowhood (+€2.3 million).
On the other hand, Pensions in respect of Invalidity decreased by €1.5 million.
Expenditure for Non-Contributory Benefits rose by €8.4 million compared to 2011. There was an increase in each type of Non-Contributory Benefit, with Children’s Allowance (+€3.8 million) and Social Assistance (+€2.7 million) registering the major additions.
The expenditure on Social Security Benefits amounted to €170.7 million in the third quarter, an increase of 6.6 per cent (or €10.5 million) over the corresponding quarter last year. Contributory Benefits increased by €8.3 million, mostly because of an €8.1 million rise in expenditure on Two-thirds Pension.
Expenditure on Non-Contributory Benefits also rose by €2.2 million, largely attributed to a €1.0 million rise in Social Assistance.
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