The Social Security Foundation (IKA) is in a race against time to secure the funds for December pensions and Christmas bonuses.
Sources suggest that IKA will delay the payment of the Christmas bonus by three days, a first for the fund. Instead of paying it on December 16 as is customary, IKA will make the funds available to the hundreds of thousands of recipients on December 19.
IKA has also resorted to additional borrowing, amounting to 150 million euros, from its auxiliary fund (IKA-ETAM), and will borrow another 75 million from the Public Power Corporation?s social security fund. Revenues from contributions have declined by 16 percent this year, data show.