Some 144.000 Greek retirees, that collect their pensions on Friday, will see their auxiliary pensions cut by between 10%-12%, while in some cases, highest pensions may be cut up to 38%
The cuts take place because of the review of auxiliary pensions by the new system provided by a law that was introduced by Labor and Social Insurance Minister Giorgos Katrougalos.
Out of the 805.900 auxiliary pensions that have been recalculated for this month, 662.000 will be paid without changes. Most auxiliary pensions will be cut by 60-70 euros but in some cases this amount may rise up to 140 euros.
The first wave of cuts went down in August and affected some 67.000 retirees. In August 311.680 auxiliary pensions were reviewed and 244.780 remained unaffected. A last round of reviews will take place in October.
The reform of the pension system has been among the prerequisites of Greece's international lenders for the bailout program.