Labour and Social Insurance Minister Yiannis Vroutsis told Kathimerini on Sunday that Greece’s social insurance funds are to undergo further administrative mergers in 2015 in what will be the main thrust of further reforms, turning the Social Insurance Foundation (IKA) into a ‘superfund’, A single contribution collection mechanism will be set up for all social insurance funds that are to be linked with tax administration and a Single Pension Payment Centre. He said only marginal changes would be made to labour relations and that the core and principals of the legal arsenal won’t be affected.

Pension funds would retain their financial autonomy and were not at risk as the systems cash balance had been restored. He said that actuarial inspections will be held in November to confirm that in no year between now and 2060 will there be an increase in pension spending greater than 2.5% of GDP, with 2009 as the benchmark year.