Deputy Labour Minister Yiannis Plakiotakis confirmed today that the nation's National Center for Administering Pensions will be up and running by the year's end.

In a recent interview with the Greek financial newspaper Imerissia, Labour and Social Insurance Minister Yiannis Vroutsis announced that by the end of 2014, a single national pension administration facility will be established.

New auxiliary pension cuts are being applied to Greeks social security funds this summer, due to the "zero deficit clause", between the Hellenic government and its global lenders.