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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18Feb

Greece. Pension hikes to come in June

The new bill by the Labor Ministry that was tabled on Monday in Parliament creates a new landscape for pensions and social security contributions. The interventions promoted have led to a strong reaction by many unions, which have decided to call a 24-hour strike for Tuesday. Among the many changes it includes, in line with the recent decisions by the Council of State, are increases in the replacement rates for workers with more than 30 years of insured labor,...

February 18, 2020
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06Feb

Greek public sector workers to strike over pension bill on Feb. 18

The civil servants’ union ADEDY has called a 24-hour strike for February 18 in protest at the conservative government’s legislation on pensions which is to go before a vote in Parliament this month. According to ADEDY, the bill perpetuates austerity measures introduced by governments during the crisis years, including auxiliary pension cuts of up to 50 percent. The union is calling for the revocation of all pension cuts imposed during the country’s financial crisis, the return of the so-called...

February 6, 2020
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January 2020

27Jan

Greek public sector workers set to strike over pension reform

Greek civil servants’ union ADEDY has heralded strike action as soon as a bill with the government’s pension reform is tabled in Parliament, ekathimerini.com reports. ADEDY’s executive committee indicated on Thursday that it would proceed with a 24-hour strike on the day the bill goes to the House, in line with a decision adopted during its session last week. The union's key demands are for the revocation of all pension cuts implemented during Greece’s bailout years and a full state guarantee...

January 27, 2020
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14Jan

Greek Authorities to Raise Pensions after Years of Cutbacks

A new bill submitted to parliament in January envisages new increase in pensions for pensioners in Greece. Pension increases will range from 3% to 10% and affect pensioners who have more than 30 years of insurance coverage. The supplementary pensions for the freelancers and farmers will also increase by up to 48%. The new social security reform should increase all pensions, which have been reduced to 1300 euros. The average increase will be with about of 99.5 euros. Read...

January 14, 2020
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December 2019

26Dec

Greek government planning pension rises for 450,000 recipients

After reversing itself and approving holiday handouts, Greece’s New Democracy government now said there will be hikes beginning in January 2020 to 450,000 main and auxiliary pension benefits. Who gets them and how much will be determined after a study for the Labor Ministry for the National Actuarial Authority, said Kathimerini in a report in which it said it was told by sources not identified that the hikes will be retroactive to Oct. 6, 2019, for 60,000 beneficiaries whose pensions...

December 26, 2019
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09Dec

Greece. Mechanism for retirees with low pensions

The government is planning to abolish the so-called 13th pension, i.e. the handout to pensioners the SYRIZA administration distributed before the elections this year, though the 971 million euros handed out to 2.5 million retirees will stay in their pockets. The Labor Ministry is already working on the creation of a permanent mechanism for the support of recipients of low pensions, within the social security system. The amount of the support and the width of the pensioner catchment will...

December 9, 2019
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