ECONOMY

Social security reform to merge funds into just three

The final draft of the social security reform bill, seen by Kathimerini, provides for an extension of the general retirement age by two years, from 58 to 60, subject to the completion of 35 years of insured work. According to the bill’s provisions, all public servants hired from 2013 onward will be insured with the Social Security Foundation (IKA), while the dozen or so existing funds will be merged into three (for salaried workers, the self-employed and farmers) within eight years. The legislation also envisages measures to encourage people to work beyond the age of 65. The bill is expected to be approved by the government Monday.