Sodra’s revenue should next year total 4.231 billion euros and spending should stand at 4.012 billion euros, up by 9.2 percent and down by 7.4 percent, respectively, from this year’s projections.
The 2018 Sodra budget does not envisage a cap on payments earlier proposed by the government. The Cabinet had proposed an annual ceiling of 120 average monthly wages, which would have slashed the fund’s revenue by approximately 39 million euros.
The bulk of Sodra’s spending (73 pct) will traditionally go towards old-age pensions next year – 2.939 billion euros or 12 percent above the projections for this year. The projected average old-age pension should be 331.7 euros, up by 40.7 euros from 2017.
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