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Labor Ministry Confirms Massive Outstanding Social Security Funds

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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.