Minister of Labor plans to split pension system reforms in two

The Minister of Labor Giorgos Katrougalos has prepared a new plan for the imminent reform of the pension system, which he…

The Minister of Labor Giorgos Katrougalos has prepared a new plan for the imminent reform of the pension system, which he will present to the institutions at a meeting scheduled on Thursday afternoon.

According to government sources, the Minister decided to “split” the pension system reform into two parts. The first part, which would include mild measures, would be submitted in Parliament immediately, while the second part, which would include harsher measures, would be left for later.

The first part will save between 700 and 900 million euros in 2016 by reducing supplementary pensions, raising employer contributions and unifying the pension funds. These measures are also considered necessary in order for the bailout program review to be completed.

The second package of measures would save about 1 billion euros by 2018. These are mostly ‘structural changes’ which the government claims it will discuss within the framework of the negotiations on the debt. Although there are no details regarding the specific measures that are to be included in the second package, it is believed that they will affect main pensions and the extent of insurance contributions.

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