The Social Security System is Crumbling in Greece


The governing board of the Social Security Foundation (IKA) on Thursday rejected the management’s request for money from the Social Security Capital for the Solidarity of Generations (AKAGE) for pensions for the rest of this year, while the board of the fund of the self-employed (OAEE) approved a similar request to the amount of 150 million euros.

For the last few years the ailments of the social security system have become more pronounced toward the end of each year, when the annual funding from the state budget starts to run out.

This year estimates put the total deficit of the system at around 3 billion euros, not including the 2 billion euros that IKA and OAEE owe to the healthcare service organization (EOPYY) or the 3 billion that IKA owes to the Manpower Organization (OAED).

Read the full article in E Kathimerini