ECONOMY

Labor and Social Insurance Minister…

Labor and Social Insurance Minister Louka Katseli said that the government plans to reduce employer pension contributions from next year to help combat tax evasion and remove an obstacle to employment. The state will cut pension contributions 25 percent in stages by 2013, Katseli told a conference on Monday. To qualify for the reduction, a company must have no debts outstanding to any of Greece’s social security funds. Brokerage Piraeus Securities welcomed the news yesterday, saying in a note that it is ‘positive news for lower labor costs.’