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Required Amendments in Pensions, Wages, Privatizations, Tabled in Greek Parliament

parliamentThe Greek government on Wednesday night tabled in parliament all the amendments required by creditors in order to close the bailout program review.
Legislation of all the amendments is a prerequisite for the disbursement of the loan tranche of 7.5 billion euros the Greek State needs for fulfilling its financial obligations through July.
Changes were made in supplementary pensions for low incomes (EKAS), retirement lump sum for the self-employed, special payrolls, the privatization fund and non-performing loans.
The change in EKAS requirements dictates that pensioners who receive pensions of 664-766 euros will no longer be eligible for it. The EKAS supplementary pension will be abolished completely in 2019.
Regarding the lump sum the self-employed receive upon retirement, it will be calculated based on 60 percent of wages received in the five years until 12/31/2013, not until the time of retirement. Also, public sector pensioners who work in the private sector will see 60 percent of their pension slashed.
Regarding special payrolls of judicial personnel, armed forces and police staff, the suspension of the “freeze” in promotion raises applies until September 30. The government has to move fast in order to find equivalent revenues until then.
In regards to the mechanism for automatic state spending in case the government doesn’t reach fiscal targets, the implementation of the fiscal adjustment program will be done “in agreement with the European institutions” and not “after special consultation with the European institutions.”
Also, the amendment says that in case of natural disasters or force majeure, suspension or reduction of the amount of expenditure to be cut will require agreement and not a simple consultation with lenders.

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