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Covid-19 has cost Spain’s Social Security €13 billion

APPEARING before a Parliamentary Committee, Minister of Inclusion and Social Security, José Luis Escrivá has confirmed that social security payments to Spanish residents impacted by Covid-19 amount to almost €13 billion up to the end of September.

The largest expense has been on ERTE (Furlough) at €5.218 billion, followed by support for the self-employed at €4.138 with €2.2 billion lost by the exemption granted from paying social security with a further €1.369 billion spent on those with temporary illnesses or holiday.

Overall, when taking into account loss of tax revenue the Government is €22 billion out of pocket so far this year.

With the ERTE in particular now extended until 2021 it seems more than likely that the total bill will exceed €35 billion which equates to a significant percentage of the support fund granted by the European Union.

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John Smith

Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Share your story with us by emailing [email protected], by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews

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