The Government Finance Statistics Analytic Framework 77
Table 4.6 Summary Statement of Explicit
Contingent Liabilities and Net
Implicit Obligations for Future
Social Security Benefi ts6M6 Total explicit contingent liabilities
6M61 Publicly guaranteed debt^1
6M62 Other one-off guarantees^2
6M63 Explicit contingent liabilities not
elsewhere classifi ed
Legal claims
Indemnities
Uncalled share capital
...
6M7 Net implicit obligations for future social
security benefi ts
Present value of implicit obligations
for future social security benefi ts
Minus: Present value of future
contributions to social security
schemes(^1) It is recommended that details of publicly guaranteed debt (i.e.,
loan and other debt instrument guarantees) are shown by matu-
rity and type of debt instrument, at nominal values.
(^2) For example, credit guarantees and other similar contingent lia-
bilities (such as lines of credit and loan commitments), contingent
“credit availability” guarantees, and contingent credit facilities.
arises from its social security programs. Such a con-
tingency recognizes the present value of future ben-
efi ts that have already been earned according to the
existing laws and regulations, net of the present value
of future contributions to the scheme according to ex-
isting laws and regulations. As a result, a memoran-
dum item is included in the Balance Sheet, with more
details on these net obligations disclosed in this State-
ment (see Table 4.6).
4.50 Th e implicit contingent liabilities related to so-
cial security schemes exclude the liabilities associated
with employment-related pension schemes, including
in cases where the employment-related pensions are
provided through the social security scheme. In GFS,
imputed obligations incurred for unfunded govern-
ment employee retirement schemes are considered
to involve a contractual liability for a government or
public sector unit to its employees. As a result, the
actual or imputed contributions receivable to such
employment-related schemes are considered to give
rise to an incurrence of a liability, and the payment of
retirement benefi ts is considered to be a reduction in
the same liability (see paragraph 6.25).