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Labor Ministry Confirms Massive Outstanding Social Security Funds

The Greek Labor Ministry confirmed that the nation's social security fund debt totals 10.5 billion euros.

Labor Minister Yiannis Vroutsis has stated that the large debt is due to a problematic structure faced with fragmentation and imbalances, as reported by ANA-MPA.

Social Security Arrears Collection Center data revealed that 83% of the debt grew before 2009, and 66% of outstanding debts equal up to 20,000 euros per person.

Greece's biggest social security fund IKA, the farmer's fund OGA and self-employed fund OAEE are the firms with the highest debt.