Pension

Over 70,000 Greek pensioners will suffer significant cuts to their pensions - retroactively too - in the coming days owing to the imposition of a ceiling on their monthly handouts.

Effective as of June 1, 2016, the new maximum level is set at 2,000 euros gross (or 1,767 euros net) for each individual pension and 3,000 euros gross for each retiree's total income from pensions.

Approximately 650,000 farmers are expected to receive notices for their new hiked contributions covering the first half of 2016. Following a series of changes and tweaks, the new system for calculating contributions for professionals, farmers and scientists will take effect as of January 1, 2017.

The budget commission has rejected the proposal of the deputies of the Patriotic Front for a minimum pension of BGN 300.

The Patriotic Front had offered two options for an increase of pensions next year. The first option was for a minimum pension of BGN 200 and recalculation of the rest of the pensions as of April 1. The other option was for a minimum pension of BGN 300 as of July 1.

Ferries are expected to stay docked in ports across Greece on Thursday as seamen stage a 24-hour strike in protest at the latest round of cuts to pensions and job insecurity.

Civil servants will be walking off the job and holding a protest rally in downtown Athens on Thursday, after their union, ADEDY, on Monday called for a general strike.

The union is mainly protesting planned reforms to labor laws and the operation of the civil service.

Ferries are to remain moored in ports across the country on Thursday as seamen stage a 24-hour strike in protest at the latest round of cuts to pensions and job insecurity.

The budget of the National Social Security Institute (NSSI) was adopted at first reading by Parliament.

77 of the 133 MPs present voted "for". 19 of BSP deputies and 10 of DPS deputies were "against". The Patriotic Front, who were "against" the draft budget during the debates, finally abstained excluding one.

The Christmas supplement to low pensions will be paid together with the money for December.

Elderly people whose pension is up to BGN 300 (all supplements included) will receive BGN 40 each - about 1,200,000 people. The rest of the pensioners (about 1 million people) will not receive a Christmas supplement, reported BNR.

Social security funds are entering the toughest period of the year, resorting to various solutions used in the past as their growing deficits make it even harder for them to cover pension payouts for December 2016 and January 2017.

The Social Security Foundation (IKA) is the social security system's ball and chain, as just a couple of months before its incorporation into the new Single Social Security Entity (EFKA), its employees are warning about the levels of its revenues and payouts.