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It only took ten months to shorten the forecast period until the fund that serves as a financial cushion for the pension system was reduced by a decade. This fall in pensions was caused by a record contraction in the economy and a sharp increase in the need for social support from the Portuguese motivated by the pandemic.
According to the news provided by “Public”, this Sunday, in the State Budgets (OE) for 2020, in the analysis of the sustainability of the Social Security system, the Government indicated that the first negative balances of the providential system would arrive “at the end of the 2020s ”. Now, in the OE proposal for 2021, the figures presented show that in fact the first deficit is now expected a few years earlier.
In the published figures, referring only to the last years of each decade (2030, 2040, 2050 and 2060), it seems that a much larger deficit is expected in 2030. In the OE 2020, the projected deficit was 424 million euros. of euros and now it is more than double: 987 million. A more negative result that suggests that the first deficit may occur a few years before the end of the decade.
Then, in relation to the Social Security Financial Stabilization Fund, which begins to be used from the moment the deficits are recorded, the differences between the projections made in OE2020 and OE2021 are very significant. Ten months ago, the executive predicted “a depletion of funds in the second half of the 2050s.” Now, he estimates that “the fund runs out in the second half of the 1940s.”
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