Over the past year the Spanish economy continued to show signs of recovery with a GDP growth rate of 3.2%, and for the second year running was once again ahead of our neighbours in Europe. This good economic news is reflected in the evolution of the work market, where the employment figure rose to 2.9%, with a total of 18.4m workers affiliated to the Social Security. Over 400,000 new jobs were created, even though the unemployment rate continues to remain at a very high level.

The number of new companies that have been set up has also been on the rise, both small and medium-sized firms as well as larger companies, and a new business network has been on the increase, that of the self-employed worker. Despite the fact that industry is recovering its very high levels of competiveness in sectors such as the automobile industry, the emergence of the service economy would appear to be unstoppable and the tourist sector, which continues to thrive, is a constant source of job creation. On the other hand, the construction business, which is such a labour intensive industry, is a long way off from being what it was in the past.

Within a broader time frame, three structural and growing trends stand out:

• Absenteeism has soared to levels which are practically unsustainable. A recent study carried out by AMAT turns up data which is telling: Spain has one of the highest rates of absenteeism in the world, a figure which worsened throughout 2015 to reach 4.7%.
• The forecast for the Spanish population from the National Statistics Institute (INE) predicts a fall in the number of inhabitants by one million in 2029 (45.4 million) when 24% of the population will be between the ages of 50 to 60 years old.
• And the economic crisis, which has continued to shake European economies since 2008, has placed the maintenance and future of the Welfare State in danger, as it continues to be run at a loss, getting further and further into debt.

A decade after the crisis first hit, the current labour market in these times of emerging recovery has changed.  As several surveys carried out among the working population have shown, the total number of people in the job market has gone down –100,000 fewer people were looking for jobs in the last quarter of 2016 and 650,000 fewer over the last four years; the number of women in work rose to 53.6%; the average age of the workforce has increased and the number of self-employed workers continues to grow– nearly 25,000 people set up their own businesses in 2016– creating more and more jobs for employees in their companies in the process.

In this sense, the contribution that collaborating Insurance Companies make to the Social Security continues to be significant, and enables certain public services which Spanish citizens regard as non-negotiable to be maintained. Today, insurance companies are decisive contributors, ensuring that 14 million employees and self-employed workers are guaranteed health care and economic benefits that current legislation grants us.

Aware of the swift changes that are happening in the workplace, at Mutua Universal we strive to bring about improvements to our systems, focus efforts and designate the necessary investments to continue to offer more value to companies and their workers. As can be seen from the report, in the last year we have made significant progress in three areas:

• Effective response to a rise in assistance requirements with an investment plan that has enabled us to update equipment with new technologies and services.
• Integrated programmes aimed at reducing absenteeism and promoting health and safety in the workplace.
• A new management model for the Mutua Social Assistance Reserve, based on providing an immediate and effective response to the main needs of afflicted workers and their families.

The contribution that collaborating Insurance Companies make to the Social Security continues to be significant, and enables certain public services which Spanish citizens regard as non-negotiable to be maintained.