The Social Security deficit for 2022 is stronger than expected. It has increased by 700 million euros compared to the government’s latest forecasts, due in particular to a stronger deterioration than expected on the pension front, according to figures published on Wednesday by the National Health Insurance Fund. But the total deficit decreased in 2022 compared to 2021.
According to the Social Security accounts, the cumulative deficit of its various schemes (Sickness, Accidents at work and Occupational illnesses, Family, Old age, Autonomy) and of the Old Age Solidarity Fund is ultimately 19.6 billion euros in 2022, compared to 18.9 billion in the government’s latest forecast. In 2021, the deficit had amounted to 24.3 billion euros.
The old-age branch in deficit
The 2022 deficit, which is slightly higher than expected, is explained in particular by the widening of the deficit in the Old Age branch and by a lower than expected surplus in the Old Age Solidarity Fund. The deficit in the Old Age branch widened by 800 million euros, settling at 3.8 billion euros. And the surplus of the Old Age Solidarity Fund fell by 500 million euros compared to forecasts, to 1.3 billion.
The surplus of the Accidents at work and Occupational diseases branch was also less important than expected, at 1.7 billion, against 2 billion expected. Finally, the surplus of the Family branch also deteriorated by 700 million euros compared to forecasts, to 1.9 billion. On the other hand, the Health Insurance accounts evolved more favorably than expected, with a reduced deficit of 900 million euros compared to forecasts (21 billion euros instead of 21.9 billion forecast).
As for the Autonomy branch, it finally recorded a surplus of 0.2 billion, against a forecast deficit of 0.4 billion. The Social Security deficit, which had been reduced to 1.6 billion euros in 2019, had plunged again in 2020 with the Covid-19 crisis, reaching 37.3 billion euros.