Análisis de los presupuestos del Fogasa y la redistribución de la renta en una situación de crisis

Zusammenfassung

The Wage Guarantee Fund (Fogasa) is an institution that even during the crisis has continued distributing the wealth. The objective of this work is to see how, despite the crisis and the income reduction, the Fund continues paying the wage claims of workers. The key is its financial and management model that allowed, during the period of growth, to have a saving capacity and to invest in the purchase of National Debt. Unfortunately when the crisis arrived, the current surplus became an increasing deficit. The payment of the benefit since 2009 was possible by the sale of titles of National Debt. Nevertheless, this debit position was not sustainable on the long term. The titles of National Debt owned by the Fund are limited and, if the economic situation does not improve, it will be necessary to raise incomes or to cut benefit and consequently social welfare.