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Economy

One-Third of Greek Pensioners Get Stiffed On Benefit Hikes

September 19, 2022

ATHENS – The first pension hikes in Greece in a dozen years won’t benefit one-third of recipients who aren’t in line to get increases promised by the New Democracy government starting in 2023 – an election year.

They will be left out because of what was called, but not explained, a “personal difference” between pensions issued before and after the May 2016 cutoff date.

And those who do get hikes will see relatively picayune amounts after not getting any adjustments since 2010, when Greece began getting what became three international bailouts of 326 billion euros ($325.33 billion.)

Some 1.2 million eligible recipients will get up to 6 percent increases while 250,000-350,000 will get a pittance, having had to live on pensions whose worth fell because of the cost of living.

But the government – touting soaring revenues driven by tourism – as a tool to attract foreign investors and applaud an economic turnaround during the COVID-19 pandemic, said the increases will depend on whether there’s enough money, said Kathimerini.

Pensioners, like most everyone else in the country now, have seen the value of their income shrink during the bailout years that brought harsh austerity measures, and with record inflation cutting deep into their wallets.

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