Greece remains among the countries with the highest social security contribution rates, although those numbers are forecast to go south by 3.9 percent by July 2014, according to the Economic Cooperation and Development (OECD),
Greek employers’ contributions are expected to drop by 2.9 percent in July, further to the 1.1 percent decline recorded in November 2012. Thus, the contributions will reach 24.56 percent, down from 28.56 percent in November 2012.
Despite this significant decline, Greece still remains within the top 10 countries with the highest social contribution rates in the OECD, ranking ninth.
Comparing the Greek system to those of the other member states reveals differences; in Greece the calculation of contributions on annual salaries does not vary, whereas in developed economies such as the US, Germany, France and Japan lower rates apply for high earners so as to encourage them not to hide their income.
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