A complete overhaul of the Greek pension system is being considered by Greek Parliament with basic rates at 360 euros. Current rates that are more than 1,000 euros will be restructured with dramatic slashes. The new rules are being presented to Labor Minister George Katrougalos and social organizations on Thursday.

The 28-page text on the pension system is based on social contributions made. At 67 years, the basic pension that each person will be eligible for will be 360 euros, however it will only be available to those who fulfil strict criteria. For instance, there will be NO pension entitlement for insured people who have other sources of income e.g. rent, property assets, shares etc.

The final pension rate will not be steady, but could fluctuate according to wealth criteria.