Bloomberg News

Greek Pension Funds Need an Extra EU300 Million, Imerisia Says

May 21, 2012

IKA, Greece’s largest state social- security fund for employees, and OAEE, the fund for self- employed people, need money from the government to make July pension payments, Imerisia reported.

IKA needs 200 million euros ($255 million) and OAEE 100 million euros to pay July pensions on June 22, the newspaper said, citing estimates by the managements of the two funds.

Non-payment, or delays in payment, of contributions because of Greece’s recession caused IKA’s funding to fall by 14 percent and OAEE’s by about 20 percent in the first four months of the year, Imerisia said, citing fund officials.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net


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