Greek government planning pension rises for 450,000 recipients
After reversing itself and approving holiday handouts, Greece’s New Democracy government now said there will be hikes beginning in January 2020 to 450,000 main and auxiliary pension benefits.
Who gets them and how much will be determined after a study for the Labor Ministry for the National Actuarial Authority, said Kathimerini in a report in which it said it was told by sources not identified that the hikes will be retroactive to Oct. 6, 2019, for 60,000 beneficiaries whose pensions began after May 2019.It will, however, apply only to those who retired after more than 30 years of service as the ministry is planning an increase to the replacement rates for the period from the 30th or the 33rd year of labor up to the 42nd year.
Main pension hikes could average 60-70 euros ($66.57-$77.66) per month, while 400,000 auxiliary pensions will rise by an average of 99.5 euros ($110.39) monthly after repeated cuts during a nearly decade-long economic and austerity crisis.
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