Government spending on social security benefits up by 12.7% in 2024
Retirement pensions recorded the largest increase of €69.4 million
The government's spending on social security benefits in 2024 was 12.7 per cent higher than that of 2023, according to national data.
On Thursday, the National Statistics Office issued figures showing that last year, the government spent €1,474.1 million on social security benefits, up from €1,308.2 million in 2023.
Higher expenditure was reported for both contributory and non-contributory benefits.
Government spending towards contributory benefits amounted to €1,147.8 million - a 10.5 per cent rise from 2023.
Retirement pensions recorded the largest increase of €69.4 million, following the surge in two-thirds pensioners. Further increases were registered under contributory bonus (€21.5 million) and widowhood pensions.
Meanwhile, non-contributory spending reached €326.2 million - a 21.1 per cent increase in comparison to the previous year.
The rise was largely attributed to a €22.5 million increase in child allowance payments, coupled with a €22.4 million rise reported under the additional cost-of-living adjustment.
Final quarter
During the final quarter of 2024, social security benefits spending reached €372.5 million, reflecting a €45.1 million rise from the previous year.
Greater outlays were reported under both contributory (€27.6 million) and non-contributory benefits (€17.6 million).
Retirement pensions registered the largest increase of €17.5 million under contributory benefits, while the biggest rise in non-contributory outlay was recorded by the additional cost-of-living adjustment (€9.3 million).
Social security beneficiaries
In 2024, two-thirds pensioners totalled 61,948, meaning an additional 2,288 when compared to 2023.
This was the highest increase exhibited among recipients of contributory benefits, while, conversely, the biggest drop was registered under the national minimum widows’ pension, NSO noted.
The highest number of non-contributory beneficiaries was reported under the additional cost-of-living adjustment (106,716).
Furthermore, there were 45,674 families in receipt of children’s allowance - 754 more than the previous year. The biggest decline in recipients was witnessed under supplementary allowance (577).