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Bank of Greece Covers IKA Pensions

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The Greek Labor Ministry faced challenges securing the final 150 million euros required to pay the next disbursement of IKA pensions.

However, the Bank of Greece covered the needed funds for the 1.2 million citizens that hold IKA accounts.  On Thursday, IKA, Greece's Social Security Foundation, requested that the Labor Ministry offer revenues, so that pensioners can be paid this Monday.

Yet, Alpha Bank who deposits the funds, declined to offer its reserves and enact payouts, without being authorized first by the Bank Employee's Fund (ETAT).

The Finance Ministry then had to secure the revenues from another source. Finally the needed monetary values were sourced by the Bank of Greece's Common Fund, after a considerable postponement.

Both The Labor Ministry and IKA promised that the pension monies would be readily available on their regularly scheduled deposit date.