Roughly 20 percent of supplementary pensions in Greece will be cut, as "N" previously reported, with decreases ranging from 8 to 10 percent, and with implementation coming on Thursday, the first day of September.
According to the newly established Unified Fund for Supplementary Insurance, the first round of cuts affected some 69,900 beneficiaries, with the second round of recalculation of benefits to cover more than 1.23 million beneficiaries, of which 230,000 to 234,000 will see their auxiliary social security benefits cut.
The austerity measure, along with a gradual elimination of a bonus (EKAS) for lower-income retirees, is part of efforts by the leftist Greek government to meet memorandum-mandated fiscal targets envisioned in the third bailout (memorandum), which it signed and ratified last August.
