The great upheavals in main and supplementary pensions

The bill on prior actions that was submitted in parliament by the Finance ministry and is expected to be put to a vote next Tuesday, includes the great upheavals that will come into effect from this year in main and supplementary pensions. Among other things it includes:

- a 12% reduction in main pensions of all funds (public and wider public sector, Social Security, etc.) except NAT, wherever they are at more than 1,300 euros a month. It will be in effect from May 2012 but will be calculated from 01.01.2012 and the difference will be retained in 8 equal monthly installments
- a decrease in supplementary pensions from 01.01.2012
- drastic cuts in the electoral benefit for those involved in election processes
- remuneration reduction for mayors

The multi-bill will also include a provision of the Environment ministry that gives an extension of 4 months (until 30.6.2012) to those who want to pay to settle their unauthorised construction, although it is not a prerequisite measure for the new memorandum.

However, the parliament is expected to go into legislative …vertigo, as within a few days it should vote on three critical bills relating to the procedure of the PSI, the reduction in main and supplementary pensions and the reduction of healthcare costs.

The text describing in detail the PSI procedure was submitted under the emergency issue procedure and will be discussed at noon in the Committee of Economic Affairs, and is scheduled for voting on Thursday.

The members of the Committee on Economic Affairs will study the bill that includes pension adjustment matters on Thursday or Friday and will be voted on it on Friday or next Tuesday respectively.

Finally, the bill by the ministry of Health and Labour, which includes cost cuts in the Health sector and the consolidation of auxiliary funds, will be voted on Wednesday 29.02.2012.