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Greece's Social Security Foundation (IKA) Seeks Help to Pay Pensions

ika1712014Greece’s Social Security Foundation (IKA) on Thursday is expected to seek approval for additional funding in order to pay pensions.
The fund’s reserves show a growing deficit, despite the fact that its revenues show an upward turn in the summer months. Its administration will be asking to use additional funds from the Social Security Capital for the Solidarity of Generations (AKAGE) to pay pensions on time.
The deficit of the country’s largest social security fund, which is likely to form the backbone of the planned National Social Security Fund (EFKA), is expected to reach 2.1 billion euros. A deficit that IKA says will be limited to 800 million euros by year’s end.
The IKA administration said that it is common practice to use funds from AKAGE to pay pensions on time. Also, additional financing from the state budget is often used.
Reportedly, OAEE, the professionals and freelancers security fund, has asked for approval to use 150 million euros from AKAGE in order to pay pensions. The information could not be confirmed. However, debts to OAEE have reached 11 billion euros.

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