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IKA

IKA Released Salary Data for Greece: 400 Euros/Month for PT Employment

The largest Social Security Organization in Greece released data on average rates of pay. The statistics show that the average part-time worker in Greece is paid 400.84 euros per month (23.58 euros per day). An average full-time salary is...

126,956 Greek Employees Get Paid Less Than 100 Euros Per Month

Thousands of Greeks are getting paid salaries lower than 1-year unemployment benefits offered by the Greek Manpower Employment Organization (OAED) at 360 euros per month. The Ministry of Labor sent its shocking report to a committee of experts reporting...

Greece to Name and Shame Large Debtors to the State

Greece's finance ministry has decided on a policy to publicize the names of people who owe over 300,000 euros to the tax office or to pension and security funds. According to Alternate Finance Minister Tryfon Alexiadis, the names will be uploaded...

Creditors Disagree with Greece's Proposals on Security Fund Reform

There are several differences between Greece and creditors regarding security fund reforms after the Greek government made its proposal public on Monday. Athens is bound to overhaul its security fund system as an important part of the bailout program requirements....

'Black Hole' in Funds Causes Deficit in Pensions

The insurance funds’ deficit has reached 13.88 billion euros and it is threatening the pensions of Greek citizens. Out of the total 1 billion euros came from delayed lump sums, as well as main and supplementary pensions that the...

Hidden €8 Bln Deficit in Security Funds Threatens to Blow Greek State Budget

A hidden deficit of 8 billion euros is threatening to blow Greece's social security funds as more than 300,000 retirees have their pension applications pending. Furthermore, the deficit may throw off the 2016 state budget, as the total expenditure for...

Greek Social Security Funds Take Loans to Meet Obligations

While the third Greek bailout is now law of the land in Greece, the country's social security funds seem to be struggling to stay afloat. Greece's Social Security Institute (IKA) had made a request for a 180-million-euro loan to the Generational Solidarity Insurance Fund...

Greek Public Debt Management Agency Asks Security Funds to Buy Repos

The Public Debt Management Agency and the Labor Ministry have asked security funds to buy government repos in order to avoid potential liquidity problems. According to an Eleftheros Typos newspaper report, the PDMA and the Labor Ministry have asked 15...

Primary Budget Surplus High, But Security Funds Strapped for Cash

The primary budget surplus for the period January-November 2014 more than doubled from last year, however, social security funds are showing a significant deficit. According to figures released by the Ministry of Finance Thursday, the social security pension fund deficit...

Employed Greeks Rush for Early Retirement

Employed Greeks who belonged to special state and bank retirement funds rushed to retire early now that all security funds have been incorporated to the Social Security Fund (IKA). Figures from Helios -- the Labor Ministry database -- show that...