Social security contribution to drop by up to 10 pct

Labor Minister Giorgos Koutroumanis announced in an interview with Kathimerini on Saturday the reduction of social security contributions by up to 10 percentage points.

This forms part of the government?s agreement with its creditors in order to bring down labor costs and render the local market more competitive.

The PASOK candidate in the May 6 election said that ?the chapter of labor issues should end here and allow the rules of the market to operate.?

Koutroumanis stressed that the focus should be on cash flow issues that the market is desperate to put on the table, as well as matters of public administration.

?Since 2008 Greece has been a country facing exceptionally difficult problems,? he noted, adding that ?no minister has been in such a tough condition before, having to fight every month to secure the payment of pensions.?