The president of the nationwide federation of social policy employees (POPOKP) Thanasis Kapotas told Ta Nea that a new 3% cut in supplementary pensions is immanent, on top of the 5.2% cut in July. This will affect about 1.044.000 pensioners.
The pension cut came due to the zero deficit clause which has been introduced, in order to cover a 170 million euro shortfall. The 5.2% cut saves the unified supplementary pension fund ETEA about 11 million euros a month, but it is not enough to cover the deficit.
According to the zero deficit clause, pensions will be revised every three months according to the fund’s needs and should there be a deficit, meaning that more cuts may will be implemented in order for the fund to be sustainable.
This controversial measure will also be implemented in all other supplementary pension funds as of January 1st 2015.
