EFKA takings on the brink of crumbling
In view of the clear and present danger that the revenues of the new Single Social Security Entity (EFKA) will crumble due to the excessive contribution-and-tax burden on hundreds of thousands of self-employed professionals and farmers, the Labor Ministry is seeking a lifeline in the revenues of the former Social Security Foundation (IKA) and the Social Security Debt Collection Center (KEAO).
The ministry is pinning its hopes on estimates for takings of more than 1 billion euros from the social security funds’ expired debts, increased contributions from salaried employment and the return to the system of some 350,000 self-employed professionals who up until today have not been paying their contributions because they didn’t have the money to do so. It is in this context that the government has provided the option of partial payment of contributions and has said it will only impose fines on outstanding debts.
Out of the 1.37-billion-euro increase in social security contributions included in the state budget for 2017, the lion’s share is seen coming from the contributions of civil servants that will now be paid into EFKA.
You may be interested
Greece Should Do Better on Transgender Legal RecognitionPanos - Sep 26, 2017
This week, Greece’s parliament will start debating proposed legislation to amend the country’s law on legal gender recognition – or…
Dijsselbloem: Greece must wrap up review rapidly to start talks on bailout exitPanos - Sep 26, 2017
Greece must wrap up an upcoming bailout review quickly to pave the way for a “clean” bailout exit next summer…
Piraeus Port Authority reports higher profits, turnover for H1 2017Panos - Sep 26, 2017
The Cosco-managed Piraeus Port Authority (PPA) on Monday announced higher profits and turnover in its H1 2017 results. Specifically, turnover…