Government considers increasing employer pension contributions

28 October 2015
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The government is considering the possibility of increasing employer pension contributions, in an effort to avoid carrying out any cuts on pensions under 1,000 euros.

With the Ministry of Labor running out of options, it is reconsidering a series of proposals which have previously been rejected by the country’s creditors, such as increasing employer contributions.

According to reports, the government is specifically examining the possibility of increasing the employer contributions to match contributions made in 2012, at which point they were reduced by 1.1%. In 2014 the government further reduced employer contributions by 2.9% and employee contributions by 1.1%.

Due to the reduction of contributions, the country’s largest social insurance fund IKA saw its revenue drop by 1 billion euros on a annual basis, which exacerbated existing deficits.

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