Social security costs crept up by 2.5 per cent year-on-year to 69.1 billion euros in Finland in 2016.
The National Institute for Health and Welfare (THL) on Monday reported that the social security costs continued to increase steadily already for the 16th consecutive year, having stood at approximately 43 billion euros in 2000.
The growth is attributable especially to an increase in ageing-related costs, which jumped by almost five per cent year-on-year to 27.7 billion euros in 2016 to account for 40 per cent of total social security costs. Less than a third (31%) of social security costs were categorised as ageing-related in 2000, according to THL.
Unemployment-related costs, on the other hand, did not increase from the previous year for the first time since 2011, standing at 5.6 billion euros and accounting for 8.1 per cent of total social security costs in 2016.
THL also reported that immigration-related costs rose sharply in Finland in 2016, adding that at 0.74 billion euros they only made up 1.1 per cent of total social security costs.
The social security costs were 12,548 euros per capita and represented 32 per cent of the gross domestic product of Finland in 2016.
Aleksi Teivainen – HT
Photo: Heikki Saukkomaa – Lehtikuva
Source: Uusi Suomi