site.btaPublic Social Insurance Expenses Up by BGN 3 Bln in 2024 Y/Y

The amount of the expenditures made from the public social insurance funds according to preliminary data as of December 31 was BGN 24.615 billion, which represents 101.1% of the plan for the year, the National Social Security Institute (NSSI) said on Thursday. Compared to 2023, the expenditures increased by some BGN 3 billion. The report was published in connection with the cash execution of the budgets of the social security funds administered by the Institute by virtue of a legal delegation.

The total amount of the reported revenues as of December last year amounted to BGN 13 billion, which represents 101.6% of the implementation of the plan for the year. The revenue received was BGN 1.7 billion more than in 2023. 

Pension expenditure was the largest and amounted to BGN 21.668,8 billion, which is 100,3 % of the implementation of the plan for the year. That amounted to BGN 2.545 billion or 13.3% more than in the previous period. The number of pensioners for 2024 was 2,044,757, an increase of 13,566 (0.7%) compared to a year earlier. The average monthly pension per pensioner for 2024 was BGN 883. Compared to 2023, the average amount was higher by BGN 98.54 (12.6%), the NSSI also noted. 

The next most significant and largest group of expenditures in the Public Social Insurance consolidated budget was the cost of cash benefits and allowances under the Social Security Code. At the end of last year, they amounted to BGN 2.755 billion or 108.2% execution of the plan for the year. Compared to the previous year, the reported expenditures were BGN 430.6 million more, the Institute also reported. 

The total reported transfers (net) under the Public Social Insurance consolidated budget as of December 31 amounted to BGN 11.525 billion. 

The reported revenue budget of the Teachers' Pension Fund as at December 31 amounted to BGN 136.3 million, representing 114.6% of the plan for the year. Revenues received were BGN 27.6 million more than in 2023 and expenditures amounted to BGN 102.7 million. This is 97.6% execution of the plan for the year. Expenditure incurred was BGN 15.4 million more compared to the previous year.

In the Employees' Guaranteed Claims Fund, the total revenue received as at December 31 was BGN 2,716,000. The revenue received was BGN 273,000 more than in 2023. The total reported expenditure of the Fund as at December 31 was BGN 2,035,000, which represents a 42.4% execution of the plan for the year. Expenditure incurred was BGN 700,900 less compared to 2023.

The national average social security income for December 2024 was BGN 1,768, NSSI reported a few days ago.