BUSINESS

Bank deposit confiscations boost collection of social security dues

ROULA SALOUROU

TAGS: Finance

The Center for the Collection of Social Security Arrears (KEAO) is very close to registering a new revenue record this year.

The seizing of bank accounts is proving to be the most efficient weapon in this process, resulting in KEAO collecting 1.15 billion euros in the first 10 months of the year, against a target of 1.2 billion for the whole of 2018.

KEAO mostly focuses on debts to social security funds created since 2016, which are estimated at some 800 million euros.

The positive course of collections has raised expectations for next year to 1.5 billion euros in revenues, despite the problems the extrajuducial debt settlement mechanism has presented.

Online