Labor minister: State budget will cover loss of revenues in pension funds due to pandemic crisis

The state will help out with social insurance contributions towards pensions that were not paid during the coronavirus pandemic, Labor Minister Yiannis Vroutsis asserted in parliament on Monday.

“It is true that revenues from insurance contributions are not meeting our expectations – due to the coronavirus pandemic crisis and the lack of a rise in employment – and we are losing revenues, but any loss and need the insurance system has will be covered by the state budget,” Vroutsis said.

He further said that “no pensioner should be worried about whether his or her pension will be paid. Our insurance system is viable, solid, and no pension in endangered.” He added that “the subsidy of the state budget to the insurance system which covers 53 pct of the latter’s revenues, will continue seamlessly.”