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ORIGINAL FRENCH ARTICLE: Grèce. Travailler plus pour gagner moins

by anonymous

Greece: Work More, Earn Less.

Translated Thursday 3 June 2010, by Gene Zbikowski and reviewed by Gene Zbikowski

The reform of retirement pensions is likely to worsen this sad statistic: 23% of the over-65s live below the poverty line.

The reform of retirement pensions is likely to worsen this sad statistic: 23% of the over-65s live below the poverty line. Beginning this year, the 13th and 14th months of pension payment will be eliminated. A tax will be imposed on pensions of over 1400 euros a month. The length of time women must work will be increased. The minimum retirement age will be 60. Beginning in 2013, retirement pensions will be cut by 30%. A person will have to have paid into a retirement scheme for 40 years to be eligible for retirement at the full rate. Beginning in 2018, the minimum pension will be lowered to 360 euros a month, and the highest-paid ten years in a person’s working life will be used to calculate the level of his or her retirement pension, as against the top five years at present. Beginning in 2030, pensions will be calculated on the basis of a person’s entire working life.


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