Social law

Greece's creditors have found that the country's social security system has reached sustainable levels and planned pension cuts from next year will therefore not be necessary, reports have suggested.

From January 2019, and for the following three years, some 200,000 scientists and freelance professionals will begin paying social security contributions toward their auxiliary pensions and their retirement lump sums, which have been pending for almost two years.

According to the new pension bill, about 65 percent of the employees will only collect the minimum pension, president of the 'Cartel Alfa' National Trade Union Confederation Bogdan Hossu told a press conference in Zalau on Wednesday.

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.

The International Monetary Fund on Friday expressed uncertainty over the long-term prospects of Greece's debt, along with concern that some of the reforms might be reversed or not implemented, including the reduction of pensions in 2019 and the tax discount in 2020.

While the European Commission says ageing Croatia must make tough decisions about its current pension system, unions representing pensioners oppose the recommended reforms as harmful.

It is only through the planned cuts to pensions that the medium- and long-term sustainability of the Greek pension system can be secured, according to an actuarial study submitted to the European Commission by the Labor and Social Security Ministry.

Vucic said that he would like the government to be able to implement this from November to enable pension increases to take effect by the end of the year.

Compared to 2018, the increases will amount to 5-25 pct, or to 8.4-13.3 pct compared to 2014, when the law was introduced, Vucic told reporters in Obrenovac.

Romania's pensioner-to-worker ratio will reach 1.74 in 2050, in a surge from 0.3 in 1990, shows a KPMG survey presented on Thursday at a press conference by Tudor Grecu, KPMG audit & assurance partner.

The government is turning main pensions into little more than a social benefit, say people who used to work at the former Social Security Foundation (IKA).