Social security expenditures historically shoot up by 10.7% to 11,900 million euros as a result of the 8.5% revaluation
January of records for the public pension system. For the first time in history, Social Security already pays out more than ten million benefits, a number that will also continue to grow with the retirement, starting this year, of the “baby boom” generation, taking them to 2050. 15 million beneficiaries. In barely ten years, the number of retirees has grown by almost a million people.
This, along with more generous pensions, is straining Social Security accounts, which has also seen spending rise by more than $1,150 million in just one year, largely due to higher increases at historic highs. For example, the 8.5% revaluation has increased the monthly wage bill to 11,902 million, compared to 10,942 million in December, representing a historic increase of 10.7%.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
