ECONOMY

Debts to Greek social security funds swell to 13.5 bln euros

Outstanding debts to Greece’s social security funds that have been forwarded for settlement swelled to 13.5 billion euros in November, data published on Tuesday from the Center for Social Security Debt Collection (KEAO) have shown.

Compared to October, arrears handled by KEAO have grown by under 2 billion euros from 11.49 billion, mainly because of the transfer of 1.8 billion euros transferred to the service for settlement by the OAEE fund for self-employed professionals, Skai reported on Tuesday.

KEAO handles outstanding debts once they have exceeded 5,000 euros per individual or business from the country’s four largest insurance funds (IKA, OAEEE, OGA and ETAA). From the total of 13.5 billion euros, 10.3 billion relate to outstanding payments and the remaining 3.2 billion euros relate to fines.

KEAO managed to collect 34.4 million euros in November, up from 28.7 the previous month thanks to a new measure making it easier for debtors to settle their arrears.