Government exploring ways to suspend pension cuts

The government is hoping that surpluses at the Single Social Security Entity (EFKA) will allow the non-implementation of pre-legislated pension cuts on January 1 next year.

With the latest forecasts suggesting that the EFKA surplus could reach 1.3 billion euros by the end of the year, Labor Minister Effie Achtsioglou told Skai TV on Monday she did not rule out that the measure may be suspended, saying that the government will examine the issue after August 20, when Greece leaves the bailout program.

She also noted that pension cuts were not necessary and were only voted through in Parliament due to the insistence of the International Monetary Fund, but she added that Athens will not spring any surprises or take "unilateral actions."

However, Greece's demographics, the aging of its population and its commitments to drastically reduce spending for pensions remain...