ECONOMY

Social security contributions are running out of steam

social-security-contributions-are-running-out-of-steam

The November revenues of the Single Social Security Entity (EFKA) are down both on the previous month and November 2017, according to sources, with experts estimating that the extensive talk of handouts combined with workers’ increased tax obligations in the last few months of the year have led to a freeze in payments.

Kathimerini also understands that the EFKA budget for 2019 provides for a significantly reduced surplus, at 245 million euros, against a surplus of 527.5 million euros that this year is expected to show, and the 581.5 million anticipated by the 2018 budget a year ago.

In 2017, the first year of its operation, EFKA had a surplus of 715.6 million.

The draft state budget for 2019 last week showed a considerable reduction in state subsidies, and the small EFKA surplus is set to come from the anticipated increase in salaried employment.