New Pensions in Greek Public Sector Will be Slashed 15%-25%



assets_large_t_420_54652587Greek public sector employees and military staff who are about to retire will see that the new pensions will be 15 to 25 percent lower than expected.

A new circular distributed by the General Accounting Office shows in detail the changes in the pension system after the new bill by former labor minister Giorgos Katrougalos went in effect, on May 13.

In the circular it is clarified that the cuts will apply to future pensioners regardless of the time they applied for their pensions. Part of the cuts are called solidarity contributions.

The new pensions will be 15 to 25 percent lower, with those who lose the most being retirees who are entitled to two separate pensions. The cuts will apply to current pensioners who receive two separate pensions as well.

Pensioners who receive family benefits will see their pensions cut based on new income criteria.

Those receiving main pensions above 2,000 euros or the sum of main and supplementary pensions above 3,000 euros will be subject to new cuts.


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