Media report: Social security fund missing out on revenues in Greece
Revenues so far for EFKA, the unified social security fund covering all insured Greek employees, including self-employed professionals, have been disappointing and the next few months until the end of the year will be crucial to its financial health, ekathimerini.com reports.
According to sources, the fund is showing a surplus of 103.4 million euros, well below the end-year target of 245 million. Most alarming is the fact that, in spite of considerable discounts offered, applications of debtors to the fund for a settlement in up to 120 monthly instalments have so far been disappointing.
By August 28, nearly 103,000 online applications for debt settlement had been approved, involving arrears of almost 1.6 billion euros. A total of 112.6 million had already been paid.
Despite the fact that the measure targets self-employed, freelancers and farmers – salaried employees’ social security contributions are deducted from their paycheck – these categories still fail to pay even half of what they are currently charged, never mind their arrears. In June, for example, EFKA expected 240 million euros, based on the above categories’ own declarations while only 98 million entered its coffers. This is a collection rate of just over 40 percent.
The end of the pre-election period and the obligation to pay their current dues prior to applying for the settlement of arrears helped raise revenue to 195 million euros. August is, traditionally, a month of low inflows.
In total, 1.077 billion euros were collected in the first seven months of the year from non-salaried employees’ contributions, or nearly 154 million a month. While the average collection rate hovers around 60 percent, it is estimated that, in order for EFKA to remain financially healthy, the collection rate must rise to 85 percent. Social security experts say that this is, in theory, very feasible, given that almost eight in 10 self-employed professionals are, on the basis of their statements, charged the minimum contribution of 167 euros per month.
As expected, collection in salaried employment is almost ideal, at a rate of 95 per cent. Social security contributions by salaried employees and their employers came to 8.774 billion in the first seven months.
In the meanwhile, 86 employees of the Unified Social Security Fund (EFKA), who had been moved to other services, will return to their posts at an order of Labour Minister Yiannis Vroutsis in cooperation with Deputy Labour Minister Notis Mitarakis and EFKA director Christos Halaris, according to ANA.
The 86 employees will be added to the 502 EFKA staff (17.13 pct increase) and a total of 588 employees will work hard for granting the 470,000 pending pensions, which constitute “an open wound” inherited by the former government.
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations, Greek travel market, Greek tourism statistics, Greek tourism report
- 1) Greece to auction three-month T-bills on April 3, 2024 in a book entry form
- 2) Sector chiefs report: Good news for Greek tourism in 2024 at ITB Berlin
- 3) Greek State budget primary balance reaches a surplus of 3,378 million euros
- 4) Tax authorities enable payments with foreign bank cards in Greece
28/03 18:41
Attica Region to channel 640 bln euros to services of vulnerable and disadvantaged groups
28/03 17:32
Greece to auction three-month T-bills on April 3, 2024 in a book entry form
28/03 15:46
Greece's Meteora Pyli Geopark added to UNESCO Global Geoparks network
28/03 14:44
IPTO announces framework agreement tender for undersea power cables in Greece
28/03 11:49
IOBE: Construction sector in Greece records robust growth and good prospects
26/03 23:51
St. Thomas Hellenic School honors 1821 and the Feast of the Annunciation in NJ
26/03 21:59
PM at Economic Club of Canada: Greece is an attractive investment destination
26/03 17:56
Greek State budget primary balance reaches a surplus of 3,378 million euros
26/03 11:45
Ancient Messene to get upgraded visitors' facilities after approval by Council
23/03 17:43
New requirements for 'Golden Visa' program to kick in on March 31
23/03 16:49
Athenians continue to head out of the Greek Capital for March 25 long weekend
23/03 16:47
Greek Parliament lights to be turned off for Earth Hour 8:30-9:30 pm
22/03 21:54
US President on Greek Independence Day: Alliance with Greece stronger than ever
22/03 19:51
High diplomacy and geopolitics at Delphi Economic Forum IX in Greece
22/03 19:32
Tax authorities enable payments with foreign bank cards in Greece
22/03 14:19
22/03 00:24
Greece ranks first on list of countries with fastest business environment progress
22/03 00:02
Hellenic Police acquires first electric VAN-type highway patrol vehicle
21/03 22:41
21/03 15:33
Unseen Museum presents "The stele of the twin babies" exhibition in Athens
20/03 22:48
Health Minister: 95% of Greek hospitals to perform afternoon surgeries
20/03 21:52
Greek Deputy Minister of Justice meets delegation from US Embassy in Athens
20/03 21:44
Greek Interior Minister to visit United States and Canada on postal vote
20/03 20:55
Philadelphia Icarians mark 85th Anniversary and organize Apokriatiko Dance
20/03 18:01
Development Minister: We continue the battle against high prices in Greece
19/03 22:28
President of the Hellenic Republic meets her Ethiopian counterpart in Athens
19/03 20:57
19/03 20:25
FinMIn: Moody’s analysis records significant progress in the Greek economy
19/03 11:15
Sector chiefs report: Good news for Greek tourism in 2024 at ITB Berlin
18/03 22:20
American Hellenic Educational Progressive Association honors Past Supreme President
16/03 13:01
Greek Deputy Foreign Μinister meets her Slovenian counterpart in Athens
16/03 12:56
Greek-Canadian Diaspora to welcome Greek Prime Minister to Toronto
16/03 11:28
Greek Migration Minister visits refugee hosting facilities in Kavala, Drama and Serres
15/03 21:50
Greek Minister announces conference on defence ecosystem in Athens from Lithuania
15/03 13:45
PM: More than 80 hospitals and 156 health centres being upgraded in Greece
15/03 12:55
Piraeus Port and Genoa Chambers of Commerce ink memorandum of cooperation
14/03 23:43
President of Hellenic Republic meets Prime Minister of Slovakia in Bratislava
14/03 22:58
American Express report highlights Global Travel Trends during 2024
14/03 22:52
Four hospitals in Attica Region already organizing afternoon surgical procedures
14/03 22:49
US Ambassador to Athens: More flights from the United States to Greece and Thessaloniki
14/03 22:43
Greek archaeologists discover ten ancient shipwrecks off Aegean island of Kasos
14/03 19:32
No new intubations for Covid-19 recorded in Greece for the first time
14/03 18:36
Extra road safety measures adopted for Greek pre-lent carnival and Clean Monday
14/03 14:48
14/03 12:54
Electric buses to be deployed on the streets of Athens and Thessaloniki by May
13/03 22:23
13/03 20:11
Prices of basic lenten products either lower or equal to last year's in Greece
13/03 19:15
US Ambassador to Athens: Greece secures NATO readiness via Alexandroupolis
13/03 17:19
13/03 12:26
Greece shows new costumes for revamped Olympic Flame-lighting ceremony
12/03 22:46
Epirotes Society of Philadelphia ‘Omonia’ organized 16th Annual ‘Tsipourovradia’
12/03 21:38
The President of the Hellenic Republic to visit Slovakia on March 13-15
12/03 20:29
First afternoon surgeries in Greece kick off at Papageorgiou Hospital in Thessaloniki
11/03 23:58
Greek Foreign Minister: We stand behind Montenegro's European perspective
11/03 23:47
Visa Express for Turkish citizens to commence on five Greek islands in March
11/03 19:40
11/03 18:49
Microsoft Data Center construction kicks off in Spata next to Athens Airport
11/03 17:53
Dodecanese Federation marked 76th Anniversary of Unification with Greece
09/03 22:23
08/03 14:27
Prime Minister: Radical change in Greek education and a brave reform for growth
08/03 14:24
Traffic restrictions expected in Athens mid-morning to evening on Friday due to protests
08/03 14:24
Applications to out-of-court settlement more than doubled in Greece in February
08/03 13:18
Metro station 'Maniatika' near Piraeus Port to be closed on Saturday and Sunday
07/03 14:12
Athens wins World Travel Award 2024 as the top city-break destination in Europe
06/03 22:51
WTTC data show Greece and Portugal lead league for growth in tourist arrivals
06/03 20:28
Greek Tourism Minister at ITB: 2024 will be another excellent year for sector
06/03 19:47
Greek Foreign Minister to meet UAE Minister of Industry and Technology on Friday
06/03 18:43
European Union actions of 274m euros to support cultural heritage in Greece
06/03 16:37
'Odontotos' rack railway temporarily stopped until landslides issue is resolved
06/03 14:40
Minister: Bringing about the return of Greeks abroad 'a moral duty'
05/03 14:28
Archdiocese of America Eparchial Synod to meet on March 14-17 in Florida
05/03 14:21
05/03 14:11
ITB BERLIN 2024 opens with excellent bookings after global rise in travel in 2023
05/03 12:24
Greek PM at Athens supermarket: Consumers 'can already see lower prices on the shelf'
04/03 22:02
Greek Health Minister: Afternoon surgeries at state hospitals to begin shortly
04/03 21:47
Holy Cross Greek Orthodox Whitestone Community marks 49th Anniversary
04/03 20:27
Labor chief: Greece to train 500,000 workers in digital, green skills by 2025
04/03 19:44
Foreign Ministry to organize event on 'Women, Peace, and Security' on Friday
04/03 15:12
Athens Riviera | The summer experience with Athens as a background
29/02 22:54
Consumers to see price cuts up to 18.1% in 3,000 Greek supermarket products as of Friday
29/02 21:44
Greece and Germany set up Working Group on shipping cooperation
29/02 21:30
Wyndham Rewards’ Member Month offers 5 weeks of deals, discounts, and bonus points
29/02 21:03
Temple of Poseidon at Sounion near Athens to get new lighting system
29/02 21:02
29/02 20:47
Greece is represented by 60 firms at GULFOOD 2024 exhibition
29/02 19:58
Greek government gives 1+1 month extension for cash register-integrated POS terminals
29/02 19:49
Archangel Michael Church Dance Program shines at Folk Dance Festival in SF
29/02 15:39
'Renovate-rent' programme to be launched, Minister tells Greek Parliament
29/02 12:39
Rio-Antirrio ferry line in central Greece closed due to strong winds
28/02 21:34
Weather with heavy rain and storms in Greece as of Sunday night
28/02 17:31
CEO: The goal is for PPC to become a leading player in Southeast Europe
28/02 17:04
New Wyndham Hotels Market Managing Director of Central and Eastern Europe
28/02 12:21
Minister: Transactions with the Greek State will be further simplified in 2024
28/02 11:57
27/02 17:25
UN Tourism hails Saudi Arabia's historic milestone of 100 million tourists
27/02 15:00
Greek Prime Minister: Relations with Armenia can become even more productive
27/02 14:26
Wyndham: New growth cycle in Greece for the largest hotel chain franchise in the world
27/02 13:15
Price cuts of up to 15% in important product categories in Greece after March 1
27/02 12:46
Athens taxi drivers' protest rally in progress from Athinon avenue to Messogion
26/02 18:30
Annual Summit of Women Political Leaders (WPL) to be held in Athens in April
New requirements for 'Golden Visa' program to kick in on March 31
Greek State budget primary balance reaches a surplus of 3,378 million euros
PM at Economic Club of Canada: Greece is an attractive investment destination
Athenians continue to head out of the Greek Capital for March 25 long weekend
Greek Parliament lights to be turned off for Earth Hour 8:30-9:30 pm
Ancient Messene to get upgraded visitors' facilities after approval by Council
St. Thomas Hellenic School honors 1821 and the Feast of the Annunciation in NJ
US President on Greek Independence Day: Alliance with Greece stronger than ever
Tax authorities enable payments with foreign bank cards in Greece
High diplomacy and geopolitics at Delphi Economic Forum IX in Greece
Greek Deputy Transport Minister flies in first test seaplane flight from Lavrio port
Athens streets reopen after private university protest rally and minor incidents
Minister: Greece to support Bulgaria and Romania in joining the Schengen zone
Sailing from ports of Piraeus and Lavrio back to normal after high-velocity winds end
AEGEAN concludes transfer of stake in Animawings to Memento Group
3-year stay and work permits approved for 30,000 undocumented migrants in Greece
Ski resort on Mt. Pelion of central Greece in full operation
Greece ranks first on list of countries with fastest business environment progress
Athens wins World Travel Award 2024 as the top city-break destination in Europe
Sector chiefs report: Good news for Greek tourism in 2024 at ITB Berlin
Greek president organizes reception for diplomats at Presidential Mansion
Holiday opening hours for shops resume in Greece on Wednesday
Greek Prime Minister to meet Bulgarian counterpart at Maximos Mansion