Greece is about to ratify the 3rd bailout package fro Greece that contains a series of tough measures scheduled to come for voting in the Plenary of Greek Parliament.

The new measures change pension ages:
* Those who were to have reitred at the ages of 50, 51 and 52 years will now retire at 55 years.
* Those who were to have retired at the age of 53 will retire at 56.
* Those who were to have retired at 54 years wil now retire at 57 years, etc.

The ages will climb upwards in a transitional process until 2021 so that by 2022 there will be no chance of retirement prior to the age of 67 years or 62 years for those who have been insured for 40 years.

Those who work in heavy professions and mothers will disabled children will not be affected by the changes to retirement dates. The text of the bailout also notes that there will be a 16% penalty (pension reduction) for those who opt for early retirement.

Lower pensions will be slashed for those who retire after June 30, 2015. They will receive a pension according to their contributions and will receive the full portion of the lowest guaranteed pension when they turn 67 years.

The bailout tax recommends immediate memorandums for changes to the way in which retirement is calculated based on the guaranteed income of 360 euros per month. Furthermore, memos also need to be issued for public sector pensions.