About 600,000 pensioners will see a loss of 800 million euros until December 2016, due to the abolition of EKAS allowance and the cuts in supplementary pensions and pensions of more than 2,000 euros.

Dramatic income cuts will apply for one in four pensioners, while at the same time the great tax hikes and the increase in cost of living due to indirect taxes will make their life more difficult.

Supplementary pensions will be greatly affected through re-calculation at a lower of 0.45% per year. Many high pensions will be cut in half in order to save 360 million euros, as it is required by memorandum. The loss will reach up to 350 euros (40% -50% cut).