Thousands of freelance professionals and self-employed will get a breather from a new programme allowing them to pay up to 50,000 euros in overdue insurance contributions in 120 instalments.

The decision was taken by Labour Minister Effie Achtsioglou and will be published in the Government Gazette within the coming days. The deadline for the submission of applications will be 31 December, 2018

According to the Unified Social Insurance Fund (EFKA) a total of about one million insured currently owe up to 50,000 euros.

Their total debt, along with additional fees, is over 10 billion euros, or one-third of the 30 billion euro total debt to insurance funds

According to the proposed decision, merchant and other categories of insured who qualify for bankruptcy as well as legal entities can apply, under the condition that their total debt does not exceed 20,000 euros or if their debt to social insurance funds exceeds 85 percent of their total debt.

For debts up to 3,000 euros the maximum number of instalments is 36.

For debts between 3,000-50,000 euros the minimum instalment is 50 euros and 85 percent of penalties and interest will be written off.

Elias Georgakis

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