Social security measures soar to 6.5 billion euros since 2015

Social security measures soar to 6.5 billion euros since 2015

Pensioners and workers are being asked to foot a social security bill that, starting from the passing of the third bailout program in 2015 and cotinuing up to 2021, looks sets to rise to 6.5 billion euros on Thursday night, when pro-government MPs are expected to pass a parliamentary vote for the heaviest package of benefit cuts and contribution hikes, worth 2.8 billion euros.

The sum of interventions so far comes to 3.7 billion, and the technical amendments Finance Minister Euclid Tsakalotos submitted for the midterm fiscal plan on Wednesday revealed the full cost of the new interventions to the social security system agreed with the country’s creditors.

However, Greeks are increasingly unable to meet their social security dues, with the collection rate of the Single Social Security Fund (EFKA) in March coming to less than 55 percent. In January – EFKA’s first month of operation – the collection rate had stood at 69.3 percent and in February it dropped to 60.1 percent.

Although EFKA will not issue any official collection data, sources say that in March less than 55 percent of the contributions due were paid, estimated at about 140 million euros.

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