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Cabinet Meeting To Discuss On Reduction Of Supplementary Pensions

Greek Labour Ministry and Troika postponed the discussion on critical issues of derail of pension funds’ finances and new interventions until January.
Troika’s officials stressed the need to reduce wage costs without changing their view on reducing minimum wage, but did not pile the pressure on Minister Giorgos Koutroumanis, who referred the matter to the discussion with “social partners”. The minister presented a plan on supplementary pensions. It includes reduction in pensions firstly, and consolidation of funds within 2012.
He is expected to present this plan at a cabinet meeting this week, to promote the adoption of the bill before the next visit of the Troika.
According to reliable information, the plan provides reductions of 15%-25% in pensions, if New Democracy party agrees on the immediate adoption of this bill. In case of funds with large deficits, reductions could exceed 40%, which would apply retrospectively since 1/1/2012.
A new insurance system reform is likely in 2012, focusing on financing. Figures on the funds’ budget plans are very discouraging.
(source: capital)

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