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

11 December 2018
556 Views

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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