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  • Pension funds to receive a further 462 million euros in funding

    The government has decided to allocate a further 462 million euros to the pension funds, in order to avoid any potential problems…

    The government has decided to allocate a further 462 million euros to the pension funds, in order to avoid any potential problems in paying out pensions. As such, the funds are to receive a total of 11.08 billion euros rather than the initial budget of 10.62 billion euros.

    Specifically, IKA will its government-allocated funds increase from 2.23 to 2.81 billion euros. By the end of November the social security fund had used up 2.58 billion euros, namely 90.8% of its allocated funds.

    Meanwhile the self employment pension fund OAEE has used up 90.3% of its available funds, namely 1.02 of its 1.13 billion euros, while the agricultural pension fund OGA has used up 2.7 of its 2.9 billion euro budget (93%).

    Additionally, by the of November 96% of the social solidarity pension benefit (“EKAS”) that is given to low income pensioners has been paid out, namely 694 million of the 721 million euros available.

    In total, 27.7 billion euros were pain out to 2,654,913 pensioners. The average pension income amounted to 953.58 euros, while a total of 4,523,296 pensions were paid out, of which 12,354 are paid out to foreign nationals. The total monthly pension expense in December amounted to 2.3 billion euros.

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