Each passing day allows us to measure a little more the extent of the economic blast that is currently sweeping the country. This Thursday, the unemployment insurance system released its new financial forecasts for the end of 2020. And they are, unsurprisingly, catastrophic, the worst it has ever known. Its deficit, which was to come back down to 900 million at the end of December according to the score made last February before going back into the green in 2021, will explode to reach no less than ... very far from the records of 5 billion chronically observed after the financial crisis!
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"Since mid-March, the unemployment insurance balance has deteriorated by 11.5 billion euros," argues the office of Unedic, which is however pleased to have "fully played its role economic and social stabilizer ” during the crisis and anticipates a deterioration in its cash flow for the coming months. It must be said that the regime has been running at full speed for three months, "ensuring all or part of the income of more than 3 million unemployed and 9 million part-time workers in April 2020 at the height of the crisis" . Its annual spending would be around 59 billion this year, up 43% compared to 2019, for revenue which would cap at 33 billion, thus showing a decrease of 16% over a year.
As a result, the debt of Unedic will also soar to reach 63.1 billion at the end of the year, or more or less double what was expected four months ago when the latest revision of the financial forecasts. "For 52%, this increase in debt is linked to the financing of partial activity, for 29% to the increase in unemployment benefit expenditure and for 19% to the deferral of contributions and other lesser resources linked to the decrease of employment ” , specifies the regime, which anticipates 900,000 destruction of salaried jobs over the year and no less than 630,000 additional job seekers to be compensated.
