social security contributions Archives

Tsakalotos optimistic Greece’s fiscal performance will lead to taxes cuts

July 5, 2018 Economy 1

Optimistic about the exit from the bailout program in August and the fiscal performance of the country, Greek Finance Minister, Euclid Tsakalotos, did not rule out that the long-term fiscal targets could be reviewed or that a further debt relief could be achieved with the country’s creditors. Confident that Greece …

Grotesque Greece: Homeless distributors of street magazine to be charged with social security contributions

February 20, 2018 Social, Society 4

Greek bureaucracy and lenders’ pressure can and do indeed often create grotesque situations. This happened also distributors of “Shedia” an Athens-based weekly magazine sold for the aim to help homeless people and socially isolated members of the Greek society. Ever since its establishment in 2010, the magazine has been sold …

UPD EFKA fund to return €170-€2,700 to 400K self-employed and freelancers

July 6, 2017 Economy Comments Off on UPD EFKA fund to return €170-€2,700 to 400K self-employed and freelancers

Social security fund EFKA will have to return money to 400,000 self-employed and freelancers after calculation mistakes led to increased social security contributions in 2017. With the new social security contributions system in effect as on 1.1.2017, self-employed and freelancers pay contribution according to income criteria. However, what the social …

Pension cuts: Greeks need to live up to 101 to amortize social security contributions

May 22, 2017 Economy 1

Greek workers will need to live to be 1o1 years old in order to be able to amortize the social security contributions they paid during their working life. This is a very realistic estimation given the new Greek realities: increasing contributions and retirement age and part-time work and sharp pension …

Another blow to Greece’s self-employed and freelancers with IMF’s social security contributions based on gross income

May 8, 2017 Economy 2

Hardly has been the new system of social contributions implemented and the creditors demanded a new system. A new system of calculations based on gross income. A new system will give another blow to low-income self-employed, freelancers and farmers. The new system will affect 1.4 million people and will be …

Greece needs contributions by 10 workers to pay just one pension

March 14, 2017 Economy 1

We saw it coming when wages in Greece started to plummet. Now the data obtained by social security experts confirm it: A lot of people need to work in order to pay one single pension. It takes the contributions of ten workers to pay one single pension. Before the crisis …

Shock for Freelancers & Self-Employed: They will have to pay double social security contributions (41%), if…

September 20, 2016 Economy 5

Freelancers will be obliged to pay double social security contributions reaching even up to 50% of their income. As of 1. January 2017, freelancers who are also in also in employment contract will have to pay two times social security contributions. Once for their work as employees and once for …

Blow to businesses: Employers to pay social security contributions for …”deemed employees”

August 29, 2016 Economy 16

A new bomb shell is expected to explode in the heads and pockets of Greece’s business owners: they will be called to pay social security contributions not according to the number of employees but according to “deemed criteria” – in common English: according to employees they ought to have. Who …

Pensions Reform simplified: The IMF wants 15% cut to all pensions

January 28, 2016 Economy 1

Amid EU’s threats of Schengen expulsion… here comes the International Monetary Fund and jumps in the Greek issues with revolutionary ideas. No, the IMF’s concept has nothing to do with the Refugee Crisis but with the Greek debt numbers and the other big topic, this of Pensions Reform. The IMF …

The Greek Nightmare: Death by social contributions hikes for self-employed & free-lancers

January 7, 2016 Society 3

I thought it was a bad joke or some kind of anti-government propaganda when I read the news yesterday: that self-employed and free-lancers will face hikes of more than 200% in social security contributions. I was wrong. It is not a bad joke but a bitter reality. According to government …

OECD: Greek families with kids are taxed higher than singles

April 15, 2015 Economy Comments Off on OECD: Greek families with kids are taxed higher than singles

It doesn’t worth to be married with kids in Greece. Tax-wise. While taxes and social security contributions swallow 43.4% of the salary of a taxpayer without family, families with children are taxed with 3 percentage points more. According to a survey conducted by the Organization for Economic Cooperation and Development …

The Greek “invisible” wroker and employee

July 4, 2014 Society 5

A new term appeared in our Modern Greek language of our Modern Greek crisis-hit country: the ‘invisible employee’. Who is the invisible employee who emerged from the Greek crisis and the skyrocketing unemployment? Oh, it is the employee who has a job but is not being registered in social security …

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