Pensions

Millions of salaried workers and pensioners stand to lose at least one monthly payment within two years, in 2019 and 2020.

The mandatory pension funds - Pillar II - at 31 March were worth rd 42.53 billion lei (rd 9.14 bln euros), up by 25.22pct against the level at 31 March 2017, according to data released by the Financial Surveillance Authority (ASF).

Hundreds of thousands of retirees are finding themselves in financial straits due to two- or even three-year delays in the issuing of their pensions, which also raises another obstacle to the already troubled fourth bailout review.

One in three pensioners has to live on less than 500 euros a month at a time when pensions in Greece have been constantly falling, according to the Helios online data system's monthly reports.

The Council of State's Compliance Commission has given the Finance Ministry eight months to adjust the salaries and pensions of uniformed officers to August 2012 levels, upsetting state budget plans in the process.

The next batch of pension cuts, voted through in the last couple of years and set to come into force within the next two years, will take total losses for pensioners since the start of the bailout period in 2010 up to 70 percent.

The recalculation of pensions paid out to people who have already retired will likely lead to major cuts for pensioners of the former Traders' Fund (TEBE/OAEE) and the civil servants' fund, as well as those who used to work at banks and state firms.

As Croatia's government announces stricter rules for the state's ailing pension system, both pensioners groups and experts have warned that the announced changes will not resolve the key issue - the unhealthy ratio between working people and pensioners.

Pensioners went to a spontaneous protest in front of the National Assembly and demanded higher pensions and more decent living conditions. The organizers said the dissatisfaction was spontaneous, but a major national protest was being prepared for November 4th, BNT reports. 

According to certain clauses within existing laws, thousands of public sector workers aged between 58 and 62 will be eligible for their pension before the age of 67.