By S. Papapetros
A new “supra fund” set to dominate in Greece’s social security system will apparently begin operation with a deficit of 1.1 billion euros, according to the budget draft report linked with a new organization that will contain most of Greece’s large pension funds.
According to information gleaned by “N”, the new fund will – when debuting in 2018 -- also face annual obligations of more than 39.1 billion euros.
Nevertheless, the projected figures are still a point of contention, with labor ministry officials disagreeing with the managements of major pension funds over the new fund’s budget.
Based on the draft seen by “N”, the new unified fund will contain 10 current social security funds, whose obligations in 2017 will reach 39.153 billion euros, up from this year's 31.736 billion euros in overall obligations, the “lion’s share” being monthly payments to beneficiaries.
The higher figure for 2017, the total calculated by all 10 funds, is due to the transfer of pension benefits for retired civil servants to the new unified fund.
