BUSINESS

Retroactive dues set for July 9 payout

ROULA SALOUROU

Labor and Social Security Minister Yiannis Vroutsis

TAGS: Finance

The retroactive payment of auxiliary pension hikes will be made on Thursday, July 9, based on Law 4670, which was passed in February after the verdict of the Council of State that in summer 2016 had deemed the cuts to those pensions unconstitutional. The verdict ruled its application would start in October 2019.

The payments were originally scheduled to be made in the spring, but after the start of the pandemic in mid-March the Labor Ministry adjusted the schedule, assessing that the retroactive auxiliary pension payments could be made in early October 2020, without ruling out an earlier date.

On June 2 the increased auxiliary pensions were paid out for the first time, but the return of the October 2019 - May 2020 dues, estimated at 150 million euros, are still pending. Eventually it was decided that their payment would take place a week after that of next month’s regular payment on July 2.

The hikes and the retroactive dues from the unconstitutional cuts concern about 250,000 pensioners who had applied for a pension before December 31, 2014.

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