Pension reform discussions continue today, with the Labour Advisory Board meeting in the presence of Labour and Social Insurance Minister Marinos Mousiouttas. The meeting will focus on continuing discussions over the pension reform bill.
Pension increases under proposal
According to Mousiouttas, the reform aims to improve pensions, promote fairness and transparency, provide greater choice and strengthen the Social Insurance Fund.
The minister said around 123,000 pensioners would receive increases, depending on their circumstances, ranging from 5% to 55%.
More than 50,000 pensioners are expected to receive more than €100 extra per month over a five-year period, while more than 9,500 are expected to receive increases of more than €200 per month.
The government has said the proposed changes give priority to people currently living on lower incomes.
Bill due in Parliament by September 30
The government has maintained that the bill will be submitted to the House of Representatives by the end of September. The September 30 deadline was reaffirmed by Mousiouttas earlier this month.
The government is targeting January 1, 2027 for the implementation of the pension reform.
The reform has been under discussion with trade unions and employers through the Labour Advisory Board, with the government seeking to finalise the proposals before parliamentary consideration.
Cost of the reform
The government has estimated that the reform will involve a total additional burden of about €820 million over six years, comprising €486 million for the state and €334 million for the Social Insurance Fund, according to figures cited by Mousiouttas.
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