Good news: the famous “safety hole” is today (a little) shallower than yesterday…
This Friday, March 15, 2019, the Ministers of Health, Agnès Buzyn, and Public Accounts, Gérald Darmanin, announced that in 2018, the Social Security deficit was reduced to 1.2 billion euros, i.e. its best level since 2001.
Between 2017 (where the Social Security deficit stood at 5.1 billion euros) and 2018 (where it peaked at 1.2 billion euros, therefore), the “hole of Social Security” was divided by 4.
However, even if this result is “the best for 18 years”, it remains worse than desired since the objective of the Social Security Financing Act (LFSS) was to reduce the 2018 deficit to 1 billion euros “ only “.
In a press releasethe two ministers explain that the “slowdown” in growth in the second half of 2018 “weighed on the receipts” of Social Security.
The Social Security deficit is shrinking
In summary ? “Despite weaker than expected growth in 2018, the Social Security accounts show a very clear recovery, which brings the balance back to a level close to equilibrium and constitutes the best result for 18 years”.
In detail, the deficit of the Old Age Solidarity Fund (which finances minimum old age allowances and other retirement benefits under national solidarity) decreased to 1.8 billion euros in 2018 compared to 2.9 billion euros in 2017. The Health Insurance deficit, meanwhile, fell to 0.7 billion euros against 4.9 billion euros in 2017.
For 2019, the Social Security financing law aims to return to balance.
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