Changes to pen­sions will be felt widely

Kathimerini English - - Front Page -

Tough new pen­sion­re­forms form part of the new mem­o­ran­dum be­tween Greece and its cred­i­tors, in­clud­ing the low­est pen­sion band dip­ping un­der 200 eu­ros for those re­tir­ing be­fore 67, the re­tire­ment age be­ing raised for around 150,000 work­ers, in­clud­ing those with dis­abil­i­ties, as well as changes to pen­sion sub­si­dies for sev­eral pro­fes­sions.

The changes will come into im­me­di­ate ef­fect once passed by Greece’s Par­lia­ment. Those who re­tire be­fore the age of 67 will have ac­cess to only what they them­selves have con­trib­uted to their pen­sion with­out the ad­di­tional gov­ern­ment sub­sidy.

For those re­tir­ing af­ter the age of 67, the to­tal min­i­mum pen­sion in­clud­ing the gov­ern­ment sub­sidy will be 483 eu­ros a month.

The new mea­sures are ex­pected to save the gov­ern­ment 48.5 mil­lion eu­ros over the next three years and 28.5 mil­lion eu­ros an­nu­ally from 2017 on­ward.

Work­ers cur­rently el­i­gi­ble to re­tire at 50 will see an ex­tra five years added to their re­tire­ment age, steadily in­creas­ing to 67 by 2022. Those el­i­gi­ble to re­tire at 62 with at least 40 years’ pen­sion con­tri­bu­tions will see a year added to their re­tire­ment age an­nu­ally. Ad­di­tion­ally, cuts are planned for pen­sion sub­si­dies claimed by the po­lice, port work­ers, fire­fight­ers, sailors, lawyers, engi­neers and no­taries.

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