August 2020

04Aug

Greece. New pension reform in the pipeline

A new overhaul of Greece’s pensions system is being prepared, in which first-tier, or main pensions, will be higher and second-tier, or auxiliary, pensions will be invested, providing an element of risk. The proposal, prepared by a committee under Cypriot-British Nobel laureate Sir Christopher Pissarides, is expected to be made public Monday for public consultation before being adapted into a bill and tabled in Parliament. Kathimerini understands that there will be significant changes in the pension system’s structure. Specifically,...

August 4, 2020
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July 2020

30Jul

Greece to return 1.4 bln euros to pensioners hit during debt crisis

Greece will this year return 1.4 billion euros to pensioners whose income was slashed during the financial crisis of the past decade, the country's prime minister said on Wednesday. Prime Minister Kyriakos Mitsotakis' conservative government made the decision following a top court ruling which said that some pension cuts imposed in 2015-2016 were illegal. Mitsotakis said the one-off payment applies only to main pensions - not supplementary pensions or benefits. The money will be distributed to about 2 million...

July 30, 2020
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15Jul

Greece’s supreme court rules for reimbursement of pension cuts

The Council of State, Greece's supreme administrative court, on Tuesday issued five rulings awarding back payments of wrongfully cut pensions to pensioners for the period between June 2015 and May 2016, ANA reports. The court found in favor of pensioners that had appealed against the pension cuts, seeking their backdated return for the above period. All those that had contested the cuts in court will receive backdated payments.Those that have not yet initiated proceedings for the return of the sums...

July 15, 2020
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07Jul

Greece. Main and auxiliary pensions to be paid together

Starting next month, Greek pensioner will be receiving their main and auxiliary pensions at the same time, Labor and Social Security Minister Yiannis Vroutsis told Skai TV on Saturday, adding that more changes to improve the pensions and the social security system are in the pipeline. Besides the simultaneous payment of pensions as of August, Vroutsis said that pensioners with at least 30 years of service will also see an increase to their main pension from September. He added...

July 7, 2020
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03Jul

Greece. Open call to foreign pensioners

Greece is about to issue an open invitation to foreign pensioners to relocate their tax domicile to Greece, with a bill to that effect set to be put up for consultation today or on Monday, Finance Minister Christos Staikouras stated on Thursday. He also reiterated his view that the economy will not shrink any more than 8% this year. In an interview on Skai Radio Staikouras revealed the bill is ready for public consultation, offering tax incentives to pensioners...

July 3, 2020
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June 2020
02Jun

Greece. Significant raise for 236,000 auxiliary pensions

As of Tuesday, more than 236,000 pensioners will see their auxiliary pensions increased by an average of 75.47 euros, according to estimates by the Single Social Security Entity (EFKA). The hikes only concern retirees who saw their auxiliary benefits reduced in the summer of 2016 per the so-called Katrougalos law because the sum of their main and auxiliary pensions exceeded €1,300. The biggest category of raise recipients is the 206,000 former salary workers insured with the Social Security Foundation...

June 2, 2020
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April 2020

13Apr

Greece. Nightmare scenarios for pension system

Social security experts and the government are having to consider nightmare scenarios with unemployment above 20 percent and a recession of close to 12 percent once the coronavirus pandemic has subsided. The fiscal turbulence is also expected to affect forecasts for the social security system, as the revenues of the main pension fund (e-EFKA) are expected to plummet, which means that the state will have to step in and help out. Read also Public pension funds shouldn’t wait for...

April 13, 2020
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February 2020

28Feb

Greek parliament approves pension bill

Greece’s parliament on Thursday approved a pension bill that introduces more flexibility for the self-employed over contributions and incentives to stay working longer on a promise of higher pensions. The new framework, that also creates a digital social security registry, was approved by a majority of lawmakers in the 300-seat parliament. Read also Greece. Parliament opens debate on new social security bill The conservative government says workers and employers stand to benefit from the reforms, which are intended to safeguard the system's...

February 28, 2020
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26Feb

Greece. Parliament opens debate on new social security bill

Greek lawmakers started debating on Tuesday evening a social security bill, which Labor Minister Yiannis Vroutsis describing it as a "watershed" law that will affect current and future generations. Earlier, the minister tabled an accompanying actuarial report which he said "proves the [draft] law's viability until 2070." "The law has come to restore injustices of the past and to align with constitutional order and restore SYRIZA's Katrougalos law, which contravenes the constitution," Vroutsis said, adding that during the...

February 26, 2020
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19Feb

Athens Gridlocked as Transport Workers Strike Over Pension Bill

Traffic in parts of the Greek capital came to a standstill on Tuesday as Greek transport workers joined a 24-hour public sector strike over pension reforms. Buses, trolleys, trams and metro transportation will be out of operation for the day. Also Read Greece. Pension hikes to come in June Workers from the Athens suburban railway Proastiakos and intercity trains announced late on Monday that they will also participate in the strikes. Public hospitals will operate on skeleton staffs, as the...

February 19, 2020
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