Finance Ministry projections show that the Single Social Security Entity (EFKA) will revert to deficits starting in 2029.
After 13 years of positive results, the ministry’s numbers and estimates reflected in the instructions for the preparation of the new multiyear budget planning 2027-2030 and of the 2027 budget, highlight the exhaustion of the fiscal margins created in previous years.
The effects of the aging population and the shrinking of the workforce are beginning to translate into real pressure on the finances of the social security system, so from a surplus of around €1.1 billion in social policy organizations, EFKA is heading for a deficit. Specifically, for the first time after 13 consecutive years of positive results, in 2029 a deficit of €362 million is expected, while in 2030 the fiscal hole will widen to €1.27 billion.
The change is significant. Within a four-year period, the balance sheet of the social security funds has moved by approximately €2.4 billion, a development that cannot be considered temporary. Rather, it reflects a deeper change in the fundamentals that finance the Greek social security system. The root cause is the growing discrepancy between contribution income and pension expenditure.
