BUSINESS

Backlog of lump sums for pensions is reduced

ROULA SALOUROU

TAGS: Finance

The large pension cuts imposed by the law drafted by former labor minister Giorgos Katrougalos, combined with the reduction in applications, have reduced the backlog of retirement lump sums, thereby bringing down the overdue arrears of the ETEAEP auxiliary fund by 35 percent.

The bad news for the recently retired is that the lump sum they get is reduced up to 22 percent, as the average amount comes to 12,900 euros.

In total, ETEAEP management estimates that, since the start of the year, it has paid out lump sums totaling 303 million euros, reducing the pending applications to 31,318 on June 30; they add up to just under 390 million euros.

The monthly rate of lump sum payments now ranges between 3,000 and 5,000 applications, with the fund issuing the benefit to 3,246 recipients last month out of those whose applications were pending.

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