By S. Papapetros
[email protected]
Revenues for Greece's new primary pension fund, EFKA, have exceeded targets for the Jan-Nov 2017 period, according to labor and social insurance ministry officials, with the forecast for the entire year being a surplus of roughly one billion euros.
The latest data presented by the ministry shows revenues (primarily social security contributions by employers and wage-earners) reaching 35.5 billion euros over the first 11-month period of 2017. Expenditures over the same period - one-third of which are social security payments - were 34.5 billion euros, with the cash basis surplus reaching 963.29 million euros.
On a modified fiscal basis, the surplus is calculated at 754.95 million euros for the Jan-Nov 2017 period.
ΕFKA is the successor fund that unified numerous other entities in the country, including the previously dominant Social Security Foundation (IKA). Establishment of such a unified fund was itself a memorandum-mandated obligation.
