More than 315,000 New Greek Pensioners Waiting for Payment

Thursday, June 1st, 2017
Last Update: 11:48

More than 315,000 pensions — main and supplementary — and retirement bonuses are overdue in Greece, according to a Kathimerini newspaper report.

New pensions are one year overdue to recipients. The new pension laws, the merger of security funds, the ways of calculating pensions and bureaucratic reasons have led to a long delay of payments.  In EFKA, the new security fund for professionals and freelancers, there are 135,000 main pension applications pending. About half of them (60,000-65,000) need to be recalculated based on the new law.

According to Kathimerini, key to the new calculation of pensions is the conversion of EFKA software so that it can incorporate the ELSTAT  Consumer Price Index of ELSTAT which replaced the Wage Change Index that will be applied after 2020.

At the same time, there is the issue of the absorption of 859 million euros from the loan program for the repayment of arrears.

With the new pension law, some pensioners will lose up to 30% of their monthly payments, especially public sector employees with more than 30 years of work. The same cuts will also apply to professionals and freelancers, retired doctors and lawyers insured in their respective funds, and those who receive high pensions from IKA (Social Security).

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