Pension cuts have affected the lives of 1.2 million Greek pensioners. The organization of a network of United Pensioners (ENDISY) said that six out of 10 pensioners get less than 700 euros, and 44.8 percent of pensioners get a monthly pension of less than 665 euros. Unionists have stated that 13.7 percent of pensioners live in conditions of poverty.
Pensioners’ representatives point out that 13 extra contributions and further cuts to their pensions by governments in recent years have seen retirement benefits shrink from 20 to more than 50 percent. Pensions in some cases have been dubbed as “tips.” Despite the cuts, recent data shows that pension funds are collapsing due to deficits that are moving at around 4 billion euros.
Greek Labor Ministry data from the information system of the ministry that stopped operating in summer 2015 show that the average pension is at 664 euros and auxiliary pensions are at 168 euros before tax, whereas nine out of 10 auxiliary pensions are below 197 euros per month.
The United Pensioners Chief Nikos Hatzopoulos said that a “merciless” hunt for retirees is continuing. He said that the current and previous governments are driving pensioners to poverty with more and more pensioners reaching the poverty threshold every year.
Worst still, are figures that show that 52 percent of households in Greece are being adversely affected by the shrinking pensions bearing in mind the high unemployment and poverty in the country that has caused numerous family members to rely on their elderly members’ pensions to survive.