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IKA

75% of Greek Pensioners Enjoy Early Retirement

Three out of four public sector and Social Security Fund (IKA) pensioners in Greece are opting for early retirement. This situation has caused the country’s pension system to become unsustainable. On Wednesday, Greek Labor Minister Yiannis Vroutsis presented data to the parliament, explaining that...

Law on Overdue Tax and Social Security Debts Postponed

Legislative measures that will allow for a new restructuring of overdue tax and social security debts has been postponed until next week as Greek and Troika officials are still hammering out the details. However, this delay seems devastating in terms...

IEK DOMI Shuts Down for €2 Million IKA Debt

The closing of educational group IEK DOMI due to 2 million euros in outstanding debt towards social security fund IKA was announced yesterday by Education Minister Andreas Loverdos, in a joint press conference with IKA head Rovertos Spyropoulos. According to Spyropoulos, the total...

IKA: Average Salary Drops in Greece

The average salary in the Greek private sector dropped by 10.27% in 2013, while the earnings drop in the construction sector was even steeper, at 15.82%, according to data compiled by Greece's main social security fund IKA. Additionally, average daily wages fell...

Immigrants Massively Leaving Greece

Many immigrants who once chose Greece as a destination for a better future are massively returning to their homeland, as they are unable to find a job. A massive flow of young Greeks and immigrants unable to find a job...

Greek Interior Ministry Refuses to Form Debt Collection Agency

The IMF is pressing Greece to form a private collection agency in order to recover millions of euros owed to social security funds. However, the Greek Ministry of Interior is refusing to give ground even though the debt to social...

Uninsured Labor on the Rise in Greek Islands

Social security fund IKA and Labor Ministry inspectors have recorded many “exceptional” incidents in checks they conducted in 25 tourist areas during the past few weeks. During checks, inspectors noted incidents where uninsured employees and workers tried to escape by jumping...

Financial Scam against IKA State Fund

Greek Financial Police has completed an investigation regarding a scam against the State and social security fund IKA, resulting in damages to the tune of 12.8 million euros. Suspects are facing felony charges of fraud, forgery, violating tax legislation and embezzling funds from the...

Greek Pension Funds Have 2B Euro Deficit

Without finding additional financing to fill what could be a reported two billion euro ($2.73 billion) gap, there is a risk the government won’t be able to keep paying pensions after the end of the year, officials said. The deficit,...

Worried Greeks Flee For Pensions

Anxious that there will be an increase in the retirement age and reduced benefits, hundreds of thousands of Greeks are fleeing the public and private sector to grab a pension now, even as the number of workers supporting the...