Pension fund debts are rising fast

Pension fund debts are rising fast

EFKA debts. The Center for Collection of Social Security Debts (KEAO) has sent an ultimatum to some 300,000 debtors of the Single Social Security Fund (EFKA) threatening them with asset freezes, confiscation and auctions unless they settle their debts within three months. The goal is to collect an amount of 1.19 billion euros within 2022. [INTIME]

Debts to the Greek Single Social Security Agency, EFKA, are mounting rapidly, forcing the government to announce that self-employed workers, including farmers, will be able to receive a pension with relatively little debt; in addition, all debts that are more than ten years old are forgiven.

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Total debts owed to EFKA by individuals and companies amounted to €43.5 billion in June, an increase of €590 million since the end of March. The vast majority of this increase, or € 410 million, relates to penalties for late payments.

Despite the increase in debt, the income from previous debt settlements is increasing. For the first half of 2022, €804.5 million was paid, compared to €992.8 million for the whole of 2021.

Official data shows that 381,748 debtors follow the agreed repayment schedules, most of which extend over 10 years, for a total amount owed of €4.29 billion.

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