Social Security begins 2026 with an increase in its collection of 3,172 million euros, corresponding to 0.2% of GDP, thanks to the boost from social contributions, which have grown 7.8% year-on-year in the first two months of the year. This surplus contrasts with the deficit with which 2025 closed and reflects an improvement in income in a context of sharp increase in spending on benefits, as detailed in the data published by the Ministry of Inclusion, Social Security and Migration. Of course, it does not exceed the surplus achieved at the end of November, which was 7,870 million.
The system received 39,395 million euros until February, 5.3% more than a year before, compared to expenses that grew at a faster rate, 9.3%, up to 36,223 million. This imbalance in the pace of growth points to increasing pressure on the accounts, despite the current positive balance.
Employment drives contributions
The main driver of income continues to be the labor market. Social contributions reached 31,122 million euros, with an increase of 2,251 million compared to the same period in 2025.
This advance is explained, above all, by the evolution of the contributions of employed workers, which increased by 8% year-on-year to 29,350 million, while those corresponding to the unemployed grew by 3.8%, to 1,773 million.
In addition, the Intergenerational Equity Mechanism (MEI), in force since 2023, continues to gain weight: it contributed 927 million euros until February, 36.4% more, allocated entirely to the Reserve Fund.
In historical perspective, the system now collects 54.9% more than in 2019, the last year before the pandemic, which reflects both the recovery of employment and the increase in contribution bases.
Spending accelerates for pensions and temporary disability
The growth in income coexists with an even more intense increase in spending. Economic benefits to families and institutions reached 34,352 million euros, 9.1% more than in the same period in 2025, and represent almost 95% of the system’s total spending.
Within this item, the greatest weight corresponds to contributory pensions, which amounted to 31,171 million euros, with an increase of 8.7%. This increase responds to several combined factors: the growth in the number of pensioners, the increase in the average pension and the revaluation applied in 2026.
More striking is the rebound in spending on temporary disability, which shot up 38.8% to 3,051 million euros, consolidating itself as one of the main sources of pressure on the accounts.
Non-contributory benefits also increased, which totaled 3,181 million euros, 13.2% more, driven by the higher revaluation of this type of aid.
Economic improvement after years of deficit
The surplus recorded at the start of 2026 represents a change compared to the end of 2025, when the system presented a deficit of 7,387 million euros, although already at more contained levels than in previous years.
However, the data point to an improvement of a temporary rather than a structural nature. Although income is growing strongly, spending is growing at a faster rate, especially in items linked to the aging of the population and the evolution of benefits.
In this context, the future balance of the accounts will depend largely on the evolution of employment, the effectiveness of mechanisms such as the MEI and the containment of spending in areas such as temporary disability, whose upward trend has been consolidated in recent years.