No Pension Cuts Planned in Upcoming Reform; All Pensioners to Receive Increases
Labour Minister Marinos Mousiouttas confirmed that the planned pension reform will not include cuts to pensions, ensuring all pensioners will receive an increase. Early proposals to reduce the highest pensions by around 5 percent were abandoned following opposition from social partners. The government aims to submit the legislation to parliament by September 20.
The first pillar of the reform, which covers the Social Insurance Fund, pensions, minimum pension, and penalties for early retirement, is currently being finalized. Mousiouttas emphasized that while the ministry is open to union proposals within the reform's economic framework, any changes requiring additional funding must be balanced by savings elsewhere.
Discussions on the second pillar, concerning provident funds, continue separately, with a technical committee meeting scheduled for September 1. The government intends to move forward with the first pillar regardless of the second pillar's agreement status, aiming for timely reform implementation after the summer recess.
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