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No cuts in pensions, Labour minister says

Labour Minister Giorgos Katrougalos reiterated the government's position that there will be no cuts in main pensions and that the aim was not accept any cuts in supplementary pensions as well.

In a television interview late Monday, Katrougalos presented the government's plan for pension reform which envisages a National Pension of 384 euros which will be offered without any income criteria. "We want a system of fair and single rules," the minister said, adding that the goal was not to have two-speed pensioners. "Negotiations with creditors will be tough but we want to win and I am optimistic," he said. He underlined, however, that in case that negotiations with creditors failed to offer a positive result he will address to Greek political leaders again. He also accused opposition political leaders for hypocrisy over their stance in the pension reform plan.
The pension reform plan moves along three main lines: an overall restructuring of the pension system, action to tackle the deficits and the presentation of a general alternative equivalent to individual memorandum commitments. It is expected to be voted on in Parliament at the end of January, after the negotiations with the institutions and a process of consultation is complete.
The plan calls for a recalculation of pensions using new pension replacement rates and the unification of all pension funds into one.