Social security reform bill includes 30% cuts for future pensions

22 April 2016
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The coalition government tabled its long-awaited, critical pension system reform bill on Tuesday, which includes significant changes.

One of the greatest changes included in the bill is that all employees – including civil servants and military officers – will be inducted in the unified pension fund (EFKA). The bill also introduces uniform rules for 20% income contributions.

Additionally the bill outlines the details of the national pension, which is set at 384 euros, after at least 20 years of insurance. The sum drops by 2% for every year under his 20 year limit. A minimum of 15 years of insurance is needed to receive a pension.

The contributory pension in turn is determined by the replacement rates for each period of insurance.

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