Creditors push for social security contribution reduction

Social security contributions are set to decline by 3.9 percent in the next three years, according to a revised agreement between Athens and its creditors published on Friday by the European Union and the International Monetary Fund.

The memorandum also provides for the completion of the revision of how the minimum wage is calculated, with the average salary expected to post a 7 percent decrease this year after a total drop of 17.4 percent from 2009 to 2012.

Greece’s creditors have further asked the government to present a detailed plan to deal with long-term unemployment by January 2014.