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Biggest Greek pension fund posts 532.7 mln€ surplus over first 9-month period

By S. Papapetros

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Revenues of Greece’s largest and almost universal social security fund, known by its Greek-language acronym of EFKA, are posting particularly positive numbers over the first nine months of the year, with a surplus of 532.7 million euros recorded on an adjusted fiscal basis.

Revenues for EFKA, created by merging the previously dominant IKA fund with lesser funds in the country, reached roughly 28.8 billion euros, compared to expenditures and outlays of 28.059 billion.

According to figures exclusively presented over the weekend by “N”, the cash surplus over the first nine-month period of 2017 reached 741.4 million euros.

Based on EFKA’s approved budget for the year, the fund was forecast to post a 765 million deficit for the year, with corresponds to 573.7 million euros over the nine-month period. An initial deficit of 1.2 billion euros was forecast for EFKA’s first, admittedly difficult year of operation, i.e. 2017.