Labour Ministry is in difficult position, as the arrival of troika representatives find it off schedule in its commitments regarding the new list of arduous and unhealthy occupations and the implementation of the reform of supplementary pension funds beyond the saving of €3.5b through the fighting against contribution evasion until 2015.
Under the revised Memorandum of Understanding, major twists are expected from January 1, 2012, with the obligation of funds to reduce pensions, if they are not actuarially sustainable.
Sources note that figures are not encouraging and there are sectors in supplementary funds, which do not pass the actuarial tests. A typical example is the funds of SOEs and banks. Some unionists say that Public Power Corp’s fund may run out of money by August, estimating that the pay off for those who are retiring within the year will be postponed.
Also for the supplementary fund of IKA, which includes the vast majority of private sector employees, the news from the actuarial study is not optimistic. The obligations of the fund by 2060 will cause to the increase of spending for pension by 0.7% of GDP.
Ministry of Labour has pledged to the lenders of the European Union and the International Monetary Fund that if the increase of spending exceeds 2.5% of GDP, then it would proceed with additional interventions in the social insurance system.
According to sources, the Ministry is already preparing scenarios, with the decreasing of pension by 6.5% to 7% being the most likely.
Under the play, the actuarial studies regarding the largest funds will be completed in May, while the completion of the 40 studies by a consultancy is expected by August.
Deputy Minister Giorgos Koutroumanis has publicly committed to a gradual reduction and to a broader change in “secondary” pensions by October.
Meanwhile, the process of declassification of arduous and unhealthy occupations begins in May, estimating at least 250,000 employees to be excluded.
Under the revised Memorandum of Understanding, major twists are expected from January 1, 2012, with the obligation of funds to reduce pensions, if they are not actuarially sustainable.
Sources note that figures are not encouraging and there are sectors in supplementary funds, which do not pass the actuarial tests. A typical example is the funds of SOEs and banks. Some unionists say that Public Power Corp’s fund may run out of money by August, estimating that the pay off for those who are retiring within the year will be postponed.
Also for the supplementary fund of IKA, which includes the vast majority of private sector employees, the news from the actuarial study is not optimistic. The obligations of the fund by 2060 will cause to the increase of spending for pension by 0.7% of GDP.
Ministry of Labour has pledged to the lenders of the European Union and the International Monetary Fund that if the increase of spending exceeds 2.5% of GDP, then it would proceed with additional interventions in the social insurance system.
According to sources, the Ministry is already preparing scenarios, with the decreasing of pension by 6.5% to 7% being the most likely.
Under the play, the actuarial studies regarding the largest funds will be completed in May, while the completion of the 40 studies by a consultancy is expected by August.
Deputy Minister Giorgos Koutroumanis has publicly committed to a gradual reduction and to a broader change in “secondary” pensions by October.
Meanwhile, the process of declassification of arduous and unhealthy occupations begins in May, estimating at least 250,000 employees to be excluded.
