Social security reforms are to be submitted to Greek Parliament on January 15, 2016, paving the way for a painful cycle of measures that are aimed at alleviating Greece’s debt burden. The four institutions of Greece’s creditors (European Commission, European Central Bank, European Stability Mechanism, International Monetary Fund) sent an e-mail to Labor, Social Insurance and Social Solidarity Minister George Katrougalos demanding a definitive replacement of rates against which to calculate old and new pensions as well as detailed quantification by January 5 otherwise they would not be able to assess the performance of the Greek reforms over time.

Despite a pledge made by Prime Minister Alexis Tsipras to not further cut reforms, it appears that the red line may be trampled over with 6% slashes to main pensions, 20% cuts to supplementary pensions and the abolition of the social security solidarity fund for 70,000 low-pension earners.

If no adjustments are made to benefits, then new pensioners will see their benefits slashed from 20-45%.