Debtors in Greece will not be able to receive pensions

The deposits of Greek debtors will be checked, EFKA and banks are in contact to check deposits, not everyone will be able to receive a pension.

The retirement of debtors with debts between 20,000 and 30,000 euros is being hampered by deposit audits. Experts believe that the EFCA and banks will need approximately two months to verify the average size of bank deposits a year before filing a retirement application.

The law states that only those debtors whose deposit does not exceed 12,000 euros will be able to receive a pension, with EFKA retaining part of this amount to cover debts.

EFKA and banks, sources say, are in contact to determine how to lift bank secrecy and verify deposits. The prevailing scenario is that the average deposits for the year preceding the application will be checked. If it is below €12,000 then the process begins, otherwise the pension application will be rejected. In order for the debtor to receive the pension, he will have to pay an additional amount of up to 20,000 euros so that the balance can be paid off in 60 payments withheld from the pension.

Experts warn to be careful when eligible retirees are co-owners of a bank account. Since deposits exceeding 12,000 euros automatically exclude them from the process, writes edition Ekatimerin.

It is expected that a joint ministerial decision defining the procedure will soon be signed by the ministries of labor and finance. In accordance with it, only those who really cannot otherwise pay off their debts will receive a pension. According to Deputy Minister of Labor and Social Protection Panos Tsakloglou, it will take at least two months to begin control by banks. Therefore, a decision will first be signed, providing for all possible checks, so that the banks can then begin the necessary interventions.

The regulation, adopted last December, stipulates that for freelancers with debts to the EFKA, the debt limit of 20,000 euros is increased to 30,000 euros. Likewise, for farmers in the same position, the debt limit is increased from €6,000 to €10,000.

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