For the United States, the agreement applies to Social Security taxes under the RSDHI program (i.e., FICA taxes for employment and SECA taxes for self-employment, including the Medicare portion). Thus, if an individual is exempt from U.S. Social Security coverage under this agreement, neither the employee or employer share of the FICA tax nor the SECA tax, in the case of a self-employed person, has to be paid.

For Greece, the agreement applies to social security taxes that finance retirement, survivors and disability benefits, medical care, sickness and maternity benefits, unemployment benefits, worker's compensation, family allowances, worker's housing assistance fund and labor home fund. Consequently, if an individual is exempt from Greek social security coverage as a result of the agreement, no contributions are due under these programs.