ECONOMY

NBG forced to pay ETEAEP 36 million euros by Friday

nbg-forced-to-pay-eteaep-36-million-euros-by-friday

National Bank of Greece has until this Friday to pay 36 million euros to the single auxiliary social security fund (ETEAEP) that has undertaken the payment of supplementary pensions to 16,280 NBG retirees.

Deputy Social Security Minister Tasos Petropoulos has signed a ministerial decision determining the timetable for NBG’s contribution to the fund, amounting to 40 million euros for the whole of 2019.

The remaining 4 million euros will have to be paid by November 29.

Crucially, the decision states that if the bank fails to pay its dues to ETEAEP in time, it risks becoming indebted to the Center for the Collection of Social Security Debts (KEAO), in which case it would lose its social security clearance.