Pension spending still high

The Single Social Security Entity (EFKA) has entered a trajectory of fiscal balance and actuarial sustainability.

That is the view of both the European Commission in its recent report on the third evaluation after enhanced supervision, and the Organization for Economic Cooperation and Development (OECD) in its report on pensions.

In this context, the Labor Ministry and EFKA seem to be focusing their efforts for 2024 on further limiting the pending pension applications, mainly those concerning supplementary and retirement lump-sums, as well as on the digital transformation of the organization.

In detail, in its recent report, the Commission finds that the projected reduction in the cost of pensions will play a large part in the required fiscal effort to stabilize the debt and achieve, in the long term, its limitation to 60% of GDP. 

Brussels estimates...