New pensions will be ‘little more than a social benefit’


The government is turning main pensions into little more than a social benefit, say people who used to work at the former Social Security Foundation (IKA).

They argue that according to examples based on a definitive decision on the pensions of people retiring after May 13, 2016, their monthly incomes will be reduced in many cases by more than 400 euros compared to the previous law’s provisions.

The head of the workers’ union, Vangelis Theodoridis, stated that the new system will lead to monthly pensions of between 200 and 700 euros, while pensioners receiving 1,000 euros per month will be the exceptions to the rule.