Pensions

A 12-member committee of civil servants, pension fund managers and professors was appointed on Thursday to propose reforms to Greece's supplementary pension system, a second-tier system that ensures retirees an adequate income.

The pension fund of the Turkish Armed Forces has reached a preliminary agreement to acquire U.K.-based industrial giant British Steel, said a written statement on Aug. 16.

All employees will eventually be able to access their social security records online through a system called ATLAS or through the usual TXI system.

At present, only partial records can be found, including those insured with the IKA and OAEE pension funds since 1994 and farmers insured since 1998.

Romania's mandatory private pension funds had assets of over 55.15 billion lei on 30 June 2019, up 26.12 percent against the level recorded in the similar month of last year, according to data with the Financial Oversight Authority (ASF). Government bonds made up the largest share of the assets, namely 32.24 billion lei and a 58.46 percent share.

Assets held by voluntary pension schemes amounted to over 2.27 billion lei as of June 30, 2019, up 20.34 percent YoY, according to data provided by the Financial Supervisory Authority (ASF).

Millennials will have to work longer than their parents for a much smaller pension in Greece as well as in most other countries in the Organization for Economic Cooperation and Development, a study by the Paris-based OECD has found.

More than 2,130,000 pensioners will receive an increase of 5.7 percent on their pensions from today - 1 July. The change is in compliance with the Social Insurance Code provided for by all pension payments granted starting with 31 December 2018. This was announced by the National Social Security Institute.

In May, the Employment Agency reported the lowest unemployment rate - 5.5% since the agency exists, said Social Minister Biser Petkov to bTV.

The mandatory private pension funds had assets worth more than 53.41 billion lei, on May 31, 2019, up 24.18 per cent against the same month a year before, according to data provided by the Financial Supervisory Authority (ASF). Government bonds hold the highest share among these assets, of 31.58 billion lei, 59.14 per cent respectively.

More than 2 million and 130,000 pensioners will receive higher pensions from next month.

The increase is 5.7%. About BGN 277 million are provided for it.

The minimum retirement pension will increase by about 12% and the old-age pension will be around 7 BGN.