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ATHENS – Despite warnings from international lenders, Greece will go ahead with plan to exempt pension benefits and lump sums from further cuts.

The troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) said cuts of 30 percent and more weren’t enough and want more.

But Prime Minister and Radical Left SYRIZA leader Alexis Tsipras won’t give in on this one after moving to renege on other campaign promises.

The government plans to freeze previously-planned cuts to main and supplementary pensions and retirement lump sums through amendments that Alternate Social Security Minister Dimitris Stratoulis is to table in Parliament.

The government’s General Secretariat has already received the draft amendments that will suspend the application of the zero-deficit clause on supplementary pensions, which would have led to cuts of 7 percent since the start of the year and 8 percent from July 1 onward.

The mathematical equation for the calculation of the retirement lump sum will also be revised, so the amount will not be less than that given to those who retired before August 31, 2013.


The post Pension Benefits Spared The Axe appeared first on The National Herald.

Source: The National Herald
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