First notifications by new unified social security fund expected this month

4 January 2017
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The labor and social insurances ministry is expected to begin sending out electronic notifications this month for payment of social security payments due by the end of February 2017, with both legal entities (businesses, shops and companies) as well as individuals, such as self-employed professionals, targeted.

The ministry said the notification system, mostly relying on emails, will be up and running by Monday, Jan. 16., although standard hand-written notifications will be conveyed via the mail when no email or other electronic particulars are available.
The initiative is one of the primary highlights of a new Unified Entity for Social Insurances, known as “EFKA” in its Greek-language abbreviation, which aims to unify all of the administrative services offered by Greece’s bevy of state-run pension funds. As part of the initiative, EFKA is tasked with compiling and managing a unified electronic database with data from all of the country’s funds.

The new entity debuted on Jan. 1, 2017, although it commenced operation with a deficit of more than one billion euros, as its budget for its first year of operation showed.

The deficit, according to the ministry, will be covered by cash reserves and an increase in the state’s subsidy towards the new entity.

EFKA revenues are listed at just more than 40 billion euros for 2017, with expenditures put at 41.1 billion euros.

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