Pension

The World Bank does not agree with the government's intention to raise public sector salaries and pensions, says WB Country Manager for Serbia Tony Verheijen.

According to Tanjug, Verheijen "agrees that there are public sector employees who are underpaid."

Labor Minister George Katrougalos returned to his old post after 27 days of absence with renewed zeal in efforts to find a solution to the cash-strapped social security funds. No sooner did he receive his portfolio on Wednesday that he hinted that new cuts to the already butchered main and auxiliary pensions are inevitable.

Debts towards the Greek state leaped to 80bln euros during the 7-month period of the SYRIZA reign, according to public data. The new government will have to face the daunting task of overdue taxes and the prospect of implementing income confiscations on Greek citizens once it is sworn in.

The state social security fund (IKA) pension system is being overhauled. Specifically, a 12-membered committee will, on September 22, incorporate findings based on proposals by Miltiades Nectarios that foresees the inclusion of all pensions – main and auxiliary to the IKA fold for those who have been insured with IKA from 1992 onwords.

A new social security plan published by Greece’s newspaper To Vima refers to a scheme that aims to merge insurance funds. This new plan has been submitted to the Employment Ministry and applies to all people insured from 1992 onwards.

Greek newspaper Efimerida ton Syntakton reports that Greece is entering the Dark Ages as far as pensions are concerned. The committee former Radical Left Coalition (SYRIZA) labor minister George Katrougalos set up is now perusing plans for pension caps no larger than 500-600 euros per month.

Friday witnessed the first pension reductions mandated by the third memorandum, which was negotiated and sent for ratification to Parliament this month by the outgoing SYRIZA government.

Greece is about to ratify the 3rd bailout package fro Greece that contains a series of tough measures scheduled to come for voting in the Plenary of Greek Parliament.

Leaders of the union of pensioners' associations in Bosnia's Federation entity will meet next week to decide the date for protests against worsening living standards, the vice-president of the union, Mehmedalija Rapa, said.

Rapa said that up to 35,000 pensioners are expected to join the protests, expected sometime in the latter half of September.

Greek Labor Minister George Katrougalos met with a delegation of the All-Workers Militant Front (PAME), the Communist Party of Greece (KKE)-affiliated trade union.