High unemployment, falling wages damaged sustainability of largest Greek pension fund

EconomyMacroeconomy Tags: Labour, Pensions, Unemployment
Photo by MacroPolis
Photo by MacroPolis

Employees insured with IKA, the largest main social security fund in Greece, lost more than 10 billion euros in annual wages over the last 5 years, according to the Federation of IKA employees (POSE-IKA).

At the same time, their annual social security contributions have dropped by almost 5 billion euros over this period, reducing IKA revenues accordingly.

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