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Collapse of Insurance Funds

E498E2F041FDF6A89F9821BBC62C0396The economic situation of the insurance system shows a rapid deterioration, with a dramatic decline of revenues and a sharp increase of overdue debts.
These developments will inevitably lead to new cuts, firstly in the supplementary pensions with lump-sum payments following.
According to Greek media reports, overdue debts to IKA, Greece’s largest social security organization, have soared to 8,05 billion euros this year, in comparison to 4,8 billion euros in 2010.
The problem is bigger in the Freelancers’ Insurance Organization (OAEE), where more than 50% of the insured do not pay contributions.
The revenues of IKA are reduced by more than 85% in comparison to the same period last year, while in the largest auxiliary fund of the private sector, ETEA (Unified Auxiliary Insurance Fund), the deficit will exceed 300 million euros.
The revenues of IKA in the first eight months of 2013 dropped to 9,79 million euros, while this sum was more than 11 million last year and 14,22 million in 2009.

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