Because the Court of Auditors beats the Enpam a bit
What emerges from the report of the Court of Auditors on the management of the National Insurance and Assistance Body for doctors and dentists (Enpam)
The budget of Enpam , the social security organization for medical personnel , was promoted with a full pass. The Court of Auditors, with resolution no. 38/2022 , analyzed the 2018-2020 management report of the National Insurance and Assistance Body for doctors and dentists (Enpam), a foundation that is today supervised by the Ministries of Labor and the Economy.
Services in support of members in the Covid era
From the report of the Court of Auditors for the three-year period 2018-2019-2020 it emerges that during the pandemic emergency the Enpam introduced forms of protection for members , intervening on the one hand with income support for members, and from other with the exemption from contributions and the suspension of obligations and the extension of payment times. Among the measures on which the accounting judiciary has focused, there is the quarantine indemnity for members forced to interrupt the activity following a provision of the competent health authority, as well as the extension of the indemnity to those infected by Covid recognized in case of temporary and absolute inability to exercise the profession.
The results of the exercise
The Court of Auditors in its report highlights an increase in the operating result in 2018 and 2019, while in 2020 a contraction is reported, when the Enpam recorded a positive balance of 1,222 million euros (-29.75%) . The foundation's net assets increased , exceeding 24 billion at the end of 2020. Debts also increased in the three-year period 2019-2020: in 2020, they grew by 14.17% compared to 2017, reaching € 212.26 million due to the increase in tax and bank and registered payables, but they are fully covered thanks to available funds liquid. Furthermore, for each of the funds managed by the Entity, the contributions exceed the expenditure for pensions. However, the relationship between the two figures shows a general worsening trend, going from 1.74 in 2017 to 1.58 in 2020.
The costs for personnel
The Court notes that the cost for statutory bodies is decreasing by 5% per year (3,318,761 euros in 2020 against 3,895,961 in 2017) while in 2020 personnel costs " amounted to 39.82 million, a slight decrease on 2019 but higher by 6.71% on 2017 and 6.62% on 2018 ". The constantly growing trend in the three-year period under review is to be attributed to the effect of the new collective bargaining agreement, to the payment of the related arrears and to the increase in staff: in 2020 the Entity hired 44 people , compared to 36 sales . The Court asked Enpam to pay attention to personnel expenses: "the Section believes that the Entity cannot exempt itself from observing behaviors consistent with the restrictive orientation envisaged, with reference to the generality of public administrations, by the current legislation in terms of cost containment, in particular, as regards personnel expenses ".
The relationship between members and pensions is decreasing
The constant decline in the ratio between the number of members and pensions paid is not a positive sign (2.64 in 2020, against 3.01 in 2017). This trend recurs in each of the ENPAM funds.
Structured securities
“Between 2001 and 2009 – reads the report – the Foundation had a strong exposure to the structured securities market, for an amount that exceeded 3 billion euros . Since then, in the absence of further purchases, as a result of sales and redemptions, that exposure has gradually decreased "to 65 million euros at the end of 2020 (in 2017 it amounted to 176 million), relating, among other things, to a '' bond maturing in July 2021 and therefore, reclassified, in 2020, under current assets. From 2021 Enpam no longer owns structured securities.
Positive balance but fluctuating for future projections
The latest technical report, presented in 2019, had within it projections from 2018-2067 . These projections show an overall pension balance with negative values over the 2027-2040 period , values which subsequently turn positive until the end of the period. "The total balance – concludes the report – is always positive, albeit with a fluctuating trend, and the total assets are constantly growing". The Court asks Enpam to maintain a balanced situation on all the managements involving the Entity and recommends a "careful monitoring of any deviations between the assumptions adopted in the actuarial calculations and the actual trends, which will allow for the timely adoption of further interventions , compared to the recent regulatory reforms, which will be deemed appropriate in order to maintain the balance in the medium and long term ".
The subsidiaries of Enpam: Enpam Real Estate and Enpam 5 × 1000 – Ets
Enpam is a 100% shareholder of Enpam Real Estate srl , originally established in 2003 to manage some of the Foundation's hotel properties, it has subsequently expanded its range of action and now manages real estate services. The company shows a certain fluctuation in the results for the year: after the decreasing profits of 2016 and 2017, it reports a significant loss in the three-year period 2018-2020 (from 663 thousand euros in 2018 to 7.91 million in 2020). Shareholders' equity decreased, reaching 61.39 million in 2020 (in 2017 it was 75.57 million). In 2019, the Enpam set up " Enpam 5 × 1000 – Ets " onlus, in order to obtain, through the 5 per thousand of the personal income tax, funds to be used for the assistance of non self-sufficient pensioners and their spouses. On the modalities and objectives of this initiative, the supervising Ministries have advanced remarks , so the operation of the new Foundation has been blocked until 2019. To date, the initiative is active and the new foundation is registered in the register of non-profit organizations from from April 2020. Finally, in July 2015, Enpam established the in-house company Enpam Sicura srl , with a capital of 1.5 million euros, for supplementary health care activities in favor of members . In the face of critical issues, the company was placed in liquidation on 30 July 2016 and on 7 March 2017 the final financial statements were drawn up, showing a net liquidation equity equal to zero. The Foundation has initiated a civil claim for compensation against the former President of the Company itself, incurring costs for fees of 217,000 euros on the 2019 budget and 294,000 euros on the 2020 budget.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/perche-la-corte-dei-conti-bacchetta-un-po-lenpam/ on Fri, 22 Apr 2022 05:44:32 +0000.