Preparing more cuts in pensions

Supplementary pensions, currently ranging from 50 to 1700 euros, will have to be reduced  in average by 30%-35% directly, because if they stay at 2010 levels, the funds shortfall will be double, which would mean that our lenders would not let it happen.

Main pensions recently dropped by 40%, the minimum being 360 euros and the highest 2700 euros with a goal to make the latter only up to 1500 euros! The threat results from three new factors, the reduction of collectibility of contributions, the recession and the increasing number of pensioners.

The first has fallen to 65%. Reduction in the last three years has been 8%, thus 2.5 bn euros. Recession adds another 4.5bn to the deficit, figures which if counted together, cancel out the benefits of the cuts in pensions, medical and other benefits of the welfare state as a whole.

The picture is completed by the increasing  number of pensioners. In 2011 Social Security has provided pensions to 1,050,000 beneficiaries, while in 2035 it will grant 1,230,000 pensions.