Pension, labor market changes go to Parliament on June 23

The Greek labor market will be subject to big changes after June 23, when the Labor and Social Insurance Ministry is to submit a draft bill to Parliament introducing reforms. Changes include merging tens of pension funds into three and increasing the minimum retirement age to 60 in reforms aimed at helping the system avoid bankruptcy. Labor Minister Andreas Loverdos is expected to meet up with representatives from the European Central Bank, International Monetary Fund and European Commission in Athens tomorrow and brief them on the final changes that will allow employers more leeway to reduce their wage bill and lower minimum salaries payable to young workers. Lawmakers are expected to vote on the pension and labor market reforms draft bill on July 10.