Giorgos Koutroumanis

Workers retire in view of new pension cuts

Tens of thousands of workers who have secured the right to retirement ahave rushed to submit their pension applications before new social security reform measures go into effect. Experts estimate that at least 40,000 retirement applications have been submitted by civil servants and private sector employees from the start of the year to April.

New social security draft law provides great pension cuts for new pensioners

The new social draft law presented by Labour Minister Giorgos Katrougalos provides a 15% reduction in pensions over 750 euros for new pensioners

According to estimates, for about 40 years fully insured, the replacement rate is set at 60% of pensionable salary, while the new draft law abolishes the previous gross pension calculation.

Social security problem is due to general economic issues

By Roula Salourou

Only a growth shock could save the Greek social security system: Even after the interventions of the last five years in terms of retirement age limits, pension levels, expenditure cuts and distortion corrections, which resulted in savings of some 14 billion euros per annum, the system is again ailing.