Social security debt settlement in up to 120 tranches

Social security debt settlement in up to 120 tranches

Applications to enter the new, 120-tranche payment scheme for the settlement of social security arrears up to 50,000 euros will be accepted from January.

The signing of the ministerial decision to that effect on Thursday opened the way for the activation of the process, with debtors told they will be able to submit their applications on a special online platform, probably the same as that used for the extrajudicial settlement of debts.

Freelance professionals, scientists, the self-employed and farmers with debts to social security funds exceeding 50,000 euros are excluded from the process, but government officials have not ruled out a special settlement for them too, provided the country’s creditors agree.

The decision describes an exhaustive assessment procedure covering not only the debtors’ income but also their properties, and provides for the payment of overdue contributions in up to 120 installments of a minimum amount of 50 euros.

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