Friday May 22, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Pension funds will require 10 bln by 2020

By Christina Kopsini

The Greek social security system is a ticking time bomb. Excluding the seamen’s and farmers’ pension funds (NAT and OGA respectively), the reserves of the rest don’t even top 4.5 billion euros, which is not enough to fund pensions after 2016, when the problem will explode.

The reduction in the public financing of the funds combined with the drop in the number of employed people and the major increase in pensioners have led to a social security predicament.

It is estimated that the pension system will require additional resources of 900 million euros in 2016, compared to budget provisions. This will climb to 1.88 billion euros for 2017, 2.15 billion euros for 2018, 2.40 billion euros for 2019 and 2.67 billion euros in 2020.

All forecasts lead to the conclusion that the clause must apply whereby they will be reduced to a level that does not allow for any deficits in social security fund budgets, even for main pensions. This is already set to start applying for auxiliary pensions and retirement lump sums from July 1.

ekathimerini.com , Sunday June 22, 2014 (19:30)  
Greece to cut bank rescue fund managers´ pay by 40 percent
Schaeuble said to raise possibility of Greek parallel currency
IMF participation in Greek debt talks ´essential,´ German ministry says
Frigoglass bonds surge on plan to sell glass unit to reduce debt
N17 convict Xeros gets more time for defense on prison breakout plan
November 17 convict Christodoulos Xeros was on Friday given additional time, until next Thursday, to give evidence regarding his failure to return from a prison furlough last year and his al...
Civil aviation staff to hold walkout on holiday weekend
The Federation of Civil Aviation Authority Unions (OSYPA), which does not include air-traffic controllers, on Friday called a 48-hour strike for May 31 and June 1, a walkout that could cause...
Inside News
SOCCER
Four-goal Panathinaikos thrashes Asteras away
Panathinaikos thrashed Asteras at Tripoli to gain an early advantage in the race for a spot in next season’s Champions League qualifiers, as the Super League play-offs got under way on Wedne...
SOCCER
Greek Cup TV rights up in the air
The Appeals Court upheld listed Forthnet’s case against the allocation of the Greek TV rights for the Greek soccer cup in the 2013-2016 period to a Cypriot company that later resold them to ...
Inside Sports
EDUCATION
Consensus is key
The education bill that has been put forward by Greece’s leftist-led government has to be the subject of extensive public consultation. Even more importantly, it needs to be approved in Parl...
COMMENTARY
The other inequality: how the state spends our money
Growing inequality between rich and poor across the world has rightly become the focus of much investigation and analysis. The Organization for Economic Cooperation and Development underline...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greece to cut bank rescue fund managers´ pay by 40 percent
2. Schaeuble said to raise possibility of Greek parallel currency
3. IMF participation in Greek debt talks ´essential,´ German ministry says
4. Frigoglass bonds surge on plan to sell glass unit to reduce debt
5. N17 convict Xeros gets more time for defense on prison breakout plan
6. Civil aviation staff to hold walkout on holiday weekend
more news
Today
This Week
1. Merkel stamps out brief optimism on Greece after Tsipras talks
2. Lessons from Israel’s tech miracle
3. Tsipras to meet Juncker on second day of Riga summit
4. Banks will be asked to revise their restructuring plans
5. EOPYY struggles for funding, sees overdue debt rise
6. Greece sees reforms deal with lenders in next 10 days, spokesman says
Today
This Week
1. The Greek-German breakthrough that didn’t come
2. Phony dilemma
3. Greece came close to not paying IMF
4. Conspiracy madness
5. National self-awareness put to the test
6. Albanian demarche raises concerns about possible territorial claims over Greece
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.