x

Economy

After Decade of Austerity, Greek Pensioners Will Get Benefit Hikes

February 18, 2020

ATHENS – After losing up to 30 percent of their monthly benefits and lump sums – except for the protected – Greek pensioners will get small hikes under a measure filed in Parliament by the New Democracy government.

Some aspects, however, have so riled labor unions they conducted a 24-hour strike Feb. 18 over plans based on decisions from the country’s highest administrative court, the Council of State.

That includes increases in the replacement rates for workers with more than 30 years of insured labor, at a cost that will not exceed 80 million euros ($86.59 million) for the first year of application, rising to 220 million euros ($238.12 million)in the second.

There are also new social security categories for 1.44 million self-employed and freelance professionals who have the right to choose the level of their monthly contributions, which will also determine the level of their pension, reported Kathimerini.

Social security contributions for full-time salaried employment as of June will fall by 0.90 percent, leading to an estimated reduction of non-salary costs by 123 million euros for the second half of the year.

Pension hikes will be given in June in a lump sum along with the retroactive payments due from October 1, 2019, for those who retired after May 13, 2016 after at least 30 years of insured labor, those who retired earlier left out.

And pensioners who retired before the activation of the so-called Katrougalos law in May 2016 and have a small or negative personal difference in their main pensions will get cuts under the scheme.

As of June, some 250,000 pensioners will also see an increase in their auxiliary pensions from the supplementary social security fund (ETEEAP), concerning retroactive payments from Oct. 1, reverting to the pre-June 2016 levels.

RELATED

ATHENS - S&P credit rating agency upgraded Greece’s outlook to 'positive' from 'stable' on Friday, April 19, 2024 while maintaining the investment-grade rating of BBB-.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

A Palestinian Baby in Gaza is Born an Orphan in an Urgent Cesarean Section after an Israeli Strike

RAFAH, Gaza Strip (AP) — Sabreen Jouda came into the world seconds after her mother left it.

PHOENIX — An Arizona grand jury has indicted former Donald Trump chief of staff Mark Meadows and lawyer Rudy Giuliani along with 16 others in an election interference case.

AUSTIN, Texas (AP) — Police peacefully arrested student protesters at the University of Southern California on Wednesday, hours after police at a Texas university violently detained dozens in the latest clashes between law enforcement and those protesting the Israel-Hamas war on campuses nationwide.

ATHENS, Greece — A far-right Greek lawmaker has been charged with criminal assault for allegedly punching a colleague on the sidelines of a parliamentary debate Wednesday.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.