ECONOMY

Target met for social security dues

target-met-for-social-security-dues

Collections from outstanding social security debts amounted to 1.5 billion euros in 2019, as the settlement mechanism that allows debtors to pay off their dues in up to 120 installments brought with it a wave of fresh momentum for the arrangement of debts to pension funds, taking the sum of dues under settlement to at least 5 billion euros.

The report compiled by the Center for Social Security Debt Collection for the fourth quarter of 2019 showed the achievement of the debt collection target set at the start of the year for 1.367 billion euros.

Of course total debts remain particularly high, as the total amount of dues forwarded to KEAO reached 35.383 billion euros at the end of December 2019, including fines and penalties. On September 30, 2019, total debts to KEAO had stood at 35.542 billion euros, so the arrears shrank by 159.311 million euros in the fourth quarter.

The sum changes every day, as new debtors are added (with all their previous dues) and the debts of already included debtors either increase through additional penalties for every month of delay or are reduced thanks to the payment of dues.