1 in 2 Self-Employed in Greece Not Able To Pay Insurance Contributions

A report in the Monday edition of Ta Nea reveals that self-employed insurance fund OAEE is struggling with a serious deficit and what is worse it is now feared of collapsing since one in every two self employed Greek taxpayers are unable to pay their contributions. This inability to pay also carries many repercussions, adds the article, since these people now have no medical coverage whatsoever.

The report, adds the article, points out that the trouble insurance fund is going to have a deficit of about 720 million Euros in 2014 and that it is owed a whopping 7.4 billion Euros in unpaid contributions. As such, reveals the article in Ta Nea, the Insurance Contribution Collection Center is expected to send out invoices to OAEE’s 92.000 debtors, who on average owe between 5.000 and 15.000 Euros.

The president of the social policy employee federation POPOKP Thanasis Kapotas notes in the article that after paying out 265 million Euros in pensions in September, it is unclear how the fund will pay future pensions.

Meanwhile, rumors circulating from insurance fund officers claim that OAEE’s dire financial condition is indicative of the overall situation and fear that the worse is yet to come.

Not good news at all.