ECONOMY

Katrougalos offers 3-year grace period

katrougalos-offers-3-year-grace-period

In a press conference on Monday, Labor and Social Security Minister Giorgos Katrougalos invited representatives of scientists and the self-employed to discuss an improved proposal concerning their social security contributions after a similar meeting came to an abrupt halt when representatives walked out last week.

The minister presented his proposal for a three-year transition period that will include significant discounts of up to 50 percent in social security contributions for the self-employed, arguing that two-thirds of them will enjoy an increase in their disposable incomes. In response, however, the representatives of scientists and the self-employed refused to participate in any talks and demanded detailed and quantified data while also opposing the three-year grace period.

The ministry argues that the improved proposal will apply from 2017 until the end of 2019, leaving open the possibility of a review of contributions depending on the social security system’s flows.