Pensioners to see cuts in supplementary and main pensions in September

Pensioners to see cuts in supplementary and main pensions in September

Up to 40% cuts in some cases

A series of sweeping changes and cuts in the pensions of hundreds of thousands of beneficiaries are expected to take affect in September. Nearly 1.2 million pensioners will see their supplementary pensions re-evaluated, while a large number of pensioners will see their main pensions slashed. A total of 200,000-250,000 pensioners eligible for supplementary pensions , 6,000 in the high bracket and 11,000 bank pensioners will be included in the re-evaluation of their pensions under the new social security law. The former employees of Alpha bank and Emporiki Bank are expected to be hit the hardest with cuts in their main pensions of up to 35%, while pensioners in the private sector will see a 15% reduction in their pensions. It is estimated that 200,000-250,000 pensioners in the banking sector, trade and commerce, petrol station workers and maritime agents will see their supplementary pensions slashed between 35-40%.