Personal finance

The management of the Single Social Security Entity (EFKA) is planning an extraordinary issue of new pensions on November 28 and at least one more batch within December, with the aim of drastically reducing outstanding pension applications by the end of the year.

Around 150 policemen gathered in front of the regional parliament Tuesday, demanding that legislators reject a proposed law on pensions which they say would lower their retirement payouts by 30 per cent. 

One million retirees can expect to see their monthly pension drop 14 percent in 2019 as a result of the agreement the government reached last year with the country's creditors regarding the so-called personal difference (the gap between the pension as calculated according to the old method and that using the new calculation system).

Greece sold 1.138 billion euros of three-month T-bills on Wednesday to refinance maturing issues, the country's debt agency PDMA said.

The three-month paper was sold at a yield of 1.80 percent, down five basis points from 1.85 percent in a previous sale last month.

The amount raised included 262.5 million euros in non-competitive bids.

Some 200,000 self-employed professionals will next year be forced to pay double social security contributions to the auxiliary fund for retirement lump sums.

Greece sold 1.138 billion euros ($1.32 billion) of six-month T-bills on Wednesday to refinance a maturing issue, the country's debt agency PDMA said.

The paper was sold at a yield of 2.30 percent, down five basis points from a previous sale in early October. The amount raised included 262.5 million euros in non-competitive bids.

Freelance professionals in Greece may declare as low an income as they wish in order to avoid paying taxes, solidarity levies and social security contributions. This year's tax statements showed that 89 percent of them declared annual takings below 7,000 euros. One might assume that declaring a very low income ought to entail lower pensions, but that is not the case.

Auxiliary pensions have been in steady decline for some time now and are likely to shrink even further, to less than 100 euros a month, according to a scientific study seen by Kathimerini.

A five percent increase in pensions will be implemented in Serbia starting January 1, while public sector salaries will grow ten percent.

Prime Minister Ana Brnabic announced this on Saturday in the town of Krusevac, during a news conference held after her cabinet's session organized to mark its first 100 days in office.

Greece sold 813 million euros ($960.8 million) of three-month T-bills on Wednesday to refinance maturing issues, the country's debt agency PDMA said.

The three-month paper was sold at a yield of 1.85 percent, down six basis points from 1.91 percent in a previous sale last month. The amount raised included 187.5 million euros in non-competitive bids.