Labour Ministry Amendment to Correct Problem with Index for Calculating Pensions

Saturday, March 4th, 2017
Last Update: 18:34

Greece’s labour ministry on Friday tabled a last-minute amendment that aims to correct a problem that has arisen with the formula for calculating pensions, following an announcement by Greece’s statistical agency ELSTAT earlier in the day that it lacked the data required. The amendment was attached to a health ministry bill on the administration of mental health services and related issues.

The amendment stipulated that the calculation of the contributions-based segment of pensions issued between now and 2020 will be temporarily based on the change in ELSTAT’s annual consumer price index. After this period has elapsed in 2021, there will be a switch to the new method of calculation based on an index for the annual fluctuation of wages.

Earlier on Friday, ELSTAT announced that the available statistical data at its disposal cannot be used to produce an index for the annual fluctuation of wages since this is different from the Labour Cost Index that is produced and published by ELSTAT.(source: ana-mpa)

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