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Labour Minister: One Million Greeks Get Pensions 400-500 EURO

These are things we learn when some Greek official wants to argue on other issues. Minister of Labour and Social  Security Giorgos Koutroumanis said that one million pensioners receive just 400 to 500 euro per month. Speaking to private broadcaster ANT1 TV  Koutroumanis said that there have been no reductions in the pensions of one million low pensioners receiving 400-500 euros. He gave assurances that there would be not further cuts in pensions “provided the measures would be implemented and the high unemployment rate along with recession would not insist (!).”

Otherwise the level of pensions would be reviewed, Koutroumanis suggested and heralded that “it is better people would work at half the salary than not at all.”

Koutroumanis is currently under pressure as the insurance funds saw their assets being cut by 53.2% due to debt restructuring (PSI). Further the high unemployment (20.7% in the last 3 months of 2011) has caused revenue losses in the insurance funds as the jobless do not pay social contributions. The recession is at -7%.

And elections are coming 🙂

PS The Minister has apparently forgotten that there were cuts in the 13th and 14th pensions and that with the latest taxation law lowered the tax-free threshold from 8,000 euro annually down to 5,000 euro. And that also the low pensioners contribute with a part of their meagre pension to his full monthly salary including benefits, free car and driver, telephone costs etc etc.

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11 comments

  1. Is this 1 million true? It would indeed confirm what everybody is always telling me. But I always had my doubt when they then paid for all of us and drove away in their Porsche Cayenne…
    But when this is true, where has all the official money gone???
    Or is it just another incompetent so-and-so just blowing some fake figures out of his… eh… ‘dark place’?

  2. keeptalkinggreece

    Antonis, these are the low pensioners only. There are also those with 600E/m etc

  3. Ah, thank you. That would explain it. 😀

  4. Well, I’m not well informed enough about the way the Greek pension system works, so tell me pls, is it possible that many of those still are working while they already receive a pension from “retiring” from a “dangerous” profession in their 50s? After all, the minister neither said that those one million people are older than 65, nor did he say the pension is their only income. With some experience about the way statistics can be used to distort a picture, as well as a healthy suspicion on official statements, we should be aware that the truth may be quote different from the picture painted by a politician.

  5. keeptalkinggreece

    retiring from dangerous profession at the 50’s gives certainly much more than 500E per month lol. Many Greek pensioners (private sector) at their 80’s now, receive an average of 600 E from IKA (biggest insurance fund), or 490E. Farmers get the lowest with an average of 400E. Unfortunetaly there are not official and summarized data, we just pick up the infos from small news items here and there and by asking parents, relatives, friends’ parents.

  6. And people can receive payments from several funds they paid into during their working days, right? Even though I’ve read that’s difficult because of the bureaucratic madness…

    Btw, what about the women who didn’t have a job, but contributed to society by bearing and raising several children, in the traditional way as hoisewifes? Which fund pays for them, and what can they expect in their old age?

  7. keeptalkinggreece

    they can expect that their husbands die so they can receive 60% of his pension. Sure you can receive pension from several funds you have paid. Howeverr public servants get their pension within 6 months, private sector from several funds can wait 2-3 years.

  8. Gray you might give your German perspective of this, please?
    First a remark about farmers:
    Farmers did pay just about 10% of what you would pay at TEBE (think that has changed now?). So they got their ‘awards’ when they were working.
    One of the biggest difference with pensions I know from The Netherlands (and it might be the same in Germany?) is that you get your pension only if you do not work anymore. Say you were employed ad business A for 30 years and go for early retirement at 55. Then you think that you are too young to stop working and start your own company in another field. In that case you won’t get your pension from job A until you retire from you main new job.
    Also if you are retired and getting your pension and are doing some voluntary work (like chairing a neighbourhood counselling group)every cent you get for expenses are deducted from your pension.
    As far as I always understood, here in Greece we have more like the American model, where cops retire after 20 years. Get their (smaller) pension and can work at the same time in another job.
    I know a lot of civil servants who went in early retirement the last couple of years and are now busy starting small businesses.
    Two different models. Not much wrong with that. It’s just that here in Greece you are automatically insured for sickness when you retire. So a lot, and I really mean a LOT of people work informal after retirement without declaring one cent of that.
    And for all of us who are too old to rock’n roll but too young to die http://youtu.be/KHVYBiVKldU

  9. keeptalkinggreece

    are Jethro Tull pensioners now?

  10. iaourti iaourtaki

    Start your own company with 55 will end up for 99% in a disaster in that you may also loose the pension.

  11. Ian Anderson is 64 by now. So, with a bit of luck he will get his pension in August this year. It depends ofcourse if his fishfarm business did ok. Then he would probably play just for the fun of it by now.
    Hope his audience is not so fond of yoghurt as Dalaras’ fans seem to be nowadays… His concerts are now canceled. He will be 63 in September. So, because he obviously has a dangerous and unhealthy profession he should already have his pension by now…