A new ministerial degree posted on state’s website Diavgia on Tuesday night provides up to 50% cut in supplementary pensions for more than 200,000 pensioners.

In addition, every year until December 2019 the ‘fear’ of activating the contingency mechanism for supplementary pensions will be lurking in order to avoid new deficits in the Unified Supplementary Insurance Fund. The cut will be noticeable  during the payment of the pensions in August (end of July), but it will apply retrospectively as of June 1st.

The retroactive cuts will be allocated in equal installments until December, but cuts will also be applied to all pending applications submitted until 31.12.2014. For applications submitted from 1.1.2015 onwards and for those submitted after May 12, the pensions will be calculated based on the new recalculation method.