BUSINESS

EFKA fund moves step closer to completion

TAGS: Economy

The board of the Single Social Security Entity (EFKA) has approved the body’s new organizational chart as Greece’s main pension and social security fund moves closer to completion several months after it started operating.

The chart should have been ready before EFKA went into action at the beginning of the year. The management at the fledgling fund now has to oversee the implementation of the new organizational structure.

EFKA covers 2.8 million pensioners. It also has on its books 3.3 million insured workers, 1.9 million of whom are salaried employees, while the rest are not on payrolls. EFKA’s assets are worth 8.5 billion euros. It owns 370 properties that have a combined objective value (as set by tax authorities) of around 750 million euros.

Kathimerini understands that some EFKA staff are not pleased with the new organizational chart as they believe that it concentrates power in the central administration and takes it away from regional services.

The next step is to establish by the end of the year common rules on the provision of services by EFKA, which was created through the merger of several other funds.

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