ECONOMY

Minister activates new 100-installment payment plan for social security debts

Despite objections from the troika, the government proceeded on Monday with the implementation of a recent law giving debtors up to 100 installments to pay off their debts to social security funds.

Labor Minister Yiannis Vroutsis signed a circular that puts the new measure into effect. Debtors will have a deduction between 20 and 100 percent on interest if they take up the new payment scheme. However, if they miss two installments in a row, the plan will no longer be valid.

Debtors have until March 31 to apply for the scheme.