Joblessness hits IKA’s coffers hard

Rising unemployment – topping 27 percent – has had a devastating effect on Greece’s largest social security provider, IKA, which has seen contributions drop by nearly a quarter since 2009.

IKA figures show that it is expected to close the year with 10.78 billion euros in contributions, a dramatic drop of 5.08 billion euros from 2009, when it had 460,794 more members than it does today.

Of that 10.78 billion, meanwhile, IKA will have paid 9.56 billion euros in pensions by the end of the year.

IKA has lost a total of 24 percent of its contributions since the start of the crisis, with the biggest losses coming from the construction sector (77.65 percent), which was its mainstay.