Personal finance

Following the uproar caused by revelations that thousands of ancillary pensions were in danger of totally disappearing as a result of retroactive deductions in three instalments, the government has backtracked and plans to place a limit on the deductions.

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.

According to experts, one in two pensioners and, in total, seven out of 10 social security fund members will foot the bill of the pension reform that was passed into law on Sunday night.

Municipal employees will stage sit-ins on Thursday at public buildings, municipal parking lots, landfills and town halls around the country to protest the government's planned pension reforms.

The draft legislation on social security and public sector pensions that has come to light provides that people planning to enter early retirement will see their pensions drastically slashed.

The range of supplementary pension cuts was the main issue of the discussion between Labour Minister Giorgos Katrougalos and the representatives of the institutions after lenders’ refusal to accept any increase in insurance contributions.

The government tabled a proposal for a parliamentary examination committee to investigate the legality of bank loans given to political parties and media companies, as Prime Minister Alexis Tsipras had announced in Parliament during debate on justice issues.

No substantial progress has been made between the Greek Labour Ministry and the country’s lenders, the ‘Quartet’ who are in discussion over ways to save money so that the cash strapped country can get the ‘green light’ over the progress of the implementation of the fiscal adjustment program it agreed upon with the EU institutions the past summer.

The leadership of Labor Ministry prepares for the negotiation talks with Greece’s lenders to start on Wednesday noon aiming to save primary pensions (except high pensions) and find compromise solutions for the other demands of the ‘Quartet’, such as national pension, supplementary pension and replacement rates.

Greek Labour Ministry is being prepared for the negotiation talks with Greece’s lenders that are expected to take place in March leaving all options open concerning the social security reform.