BUSINESS

Greek pensioners to demand more dues retroactively

ROULA SALOUROU

TAGS: Finance

The United Pensioners network is raising a new claim for retroactive dues concerning 40 months for 300,000 pensioners, alleging that the recalculation of the auxiliary pensions in June 2016 that led to major cuts for a third of recipients was not worked out correctly.

Pensioners’ representatives have already submitted letters to both the previous and the current administration of the Labor Ministry, arguing that this was “plain stealing” which started on June 1, 2016 and continues to date for the 300,000 retirees insured with 12 supplementary funds that were merged into the Single Auxiliary Fund (ETEAEP).

The pensioners’ network has processed the available data and reached the conclusion that the method used for the recalculation of auxiliary pensions was arbitrary: Experts argue that all of the funds that did not have an annual replacement rate in their founding charter proceeded to the recalculation of pensions using a single rate per fund, thereby applying an average rate horizontally to all their pensioners. This led to significant cuts for hundreds of thousands of retirees, while according to the pensioners’ network, the law dictates a specific method for the recalculation.

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