BUSINESS

Greek auxiliary pensions to drop by over 5 pct this summer

Greece’s Single Auxiliary Social Security Fund (ETEA) has told the Labor and Social Insurance Ministry it is planning to cut auxiliary pensions by 5.2 percent as of July 1, a move which will affect over 1 million pensioners from the public and private sectors.

This is due to a law change that from July 1 will lead to auxiliary pensions being calculated on the basis of ETEA having a zero deficit.

The timing of the ministry’s decision on the matter will determine whether the cut will apply from the July or the August pension payouts.

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