The Greek government on Monday announced cuts in social insurance contributions for enterprises, acknowledging that social insurance contributions in Greece are amongst the highest in the European Union.

Labour & Social Insurance Alternate Minister Giorgos Koutroumanis, speaking during an event organised by the Athens Chamber of Commerce and Industry, announced a 10-pct cut in social insurance contributions for enterprises, starting this summer, while he acknowledged that a tight incomes policy adopted by the government and a ceiling on remuneration for top managers prevented the system from attracting skilled executives.

Koutroumanis said actions taken by the ministry have begun bearing results, while he stressed that there was no isolated solution for the country’s social insurance system, but constant interventions were needed.

Finally, he said that the government’s measures are necessary and not dictated by the EC-ECB-IMF "troika".