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Greek Labor Minister Confirms Cuts on Pensions Over €1,000

newego_LARGE_t_1101_54457354Greece’s Labor Minister Giorgos Katrougalos confirmed that there will be cuts on pensions over 1,000 euros, when initially it was said that only pensions over 1,500 euros would be affected.
On Wednesday the minister said that his ministry will do everything possible to protect pensions below 1,000 euros combined (main and supplementary pensions).
The government has to reduce pension expenditures by 1.8 billion euros in 2016. Also another 1.6 billion euros in expenditures should be cut to cover gaps in social security funds.
The Labor and Social Security Ministry will have to introduce a social security reform by November 15 which will reverse the majority of the measures voted in the summer. This will be a part of prior actions required for the disbursement of a bailout tranche worth 2 billion euros.

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