45% tax on retroactively returned pension benefits to 110K beneficiaries

11 December 2018
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Tax deductions of up to 45 percent will be imposed on pension benefits retroactively returned to more than 110,000 retirees this month – to beneficiaries that were remunerated with so-called special public administration pay scales during their employment, i.e. physicians, military and law enforcement officers, jurists and university lecturers, among others.

According to a joint ministerial decision that was published in the government gazette on Friday, the total figure for the retroactive return of benefits – cut by the first two bailout memorandums – will reach 425 million euros, whereas the net amount – the money actually reaching beneficiaries’ pockets – will be 233.1 million euros.

The return of certain pension cuts to the specific pensioners emanates from a Council of State (CoS) ruling, with the leftist-rightist coalition government finally announcing the reimbursement only towards the end of 2018.

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