The measures passed in the Greek parliaments during Sunday night’s late night session provide for cuts amounting to 3.5bln Euros to pensions and lump sums, with the new and low-bracket pensioners, as well as those eligible for ancillary pensions bearing the brunt.

According to experts, nearly 80% of the total government revenues emanating from the new measures derive from slashing expenditure, while a smaller portion will come from increasing revenues from raising social security contributions for freelance professionals.

Pensions are expected to be slashed by 30% with 35-year pensioners, regardless of Pension Fund losing out the most. Based on the official table made public by the Labour Ministry, the new pensions range from 477 Euros to 1,828 for the higher bracket pensioners. An employee with 20 years employment and a 500-Euros monthly salary is estimated to receive an aggregate of 477 Euros including main and ancillary pensions. A national 384-Euro pension is established based on 20 years employment, with the minimum pension limits totally scrapped.

Nearly 200,000 low-bracket pensioners will see 70% of their ancillary pensions and their Special Social Solidarity Pension (EKAS) lost. Freelance professionals will have to pay 20% of their main income for main pensions, which gradually add up to a total of nearly 38% of their income if including ancillary, health benefits and lump sum.