Ten percent of the 2.6 million primary pensions paid out in Greece annually will be identified by Sept. 30 for recalculation – mostly downwards – by the end of the year.
Additionally, another 40 percent of the total will be identified by the end of the year, with a recalculation of total benefits conducted by March 31, 2017, according to a timetable announced by the relevant labor ministry.
The recalculation process for 70 percent of Greece’s primary pensions will come by June 30, 2017, with every single pension paid out in the crisis-plagued and bailout program-directed country recalculated by next September.
The process for recalculating pensions comes amid recently passed legislation capping primary monthly payments and a ceiling for all social security benefits paid out to individual retirees or beneficiaries of the latter, such as bereavement benefits.
Moreover, a second and bigger wave of cuts in supplementary pensions comes on Sept. 2, based on legislation passed by the leftist government in order to meet creditors' memorandum-mandated fiscal targets through 2018.
