June 27, 2010
Papandreou: Vote for the pension reform or I will call for a general election
From the English side of the online Kathimerini newspaper:
UPDATE: The bill passed, see item here"A bill aimed at overhauling Greece’s pension system, which will see Greeks retiring later and receiving lower monthly payments, was submitted to Parliament yesterday as Prime Minister George Papandreou gets set to warn his MPs that if they do not vote for the draft law, he will call a general election.
...The changes to the pension system, which will affect anyone who wants to retire as of next year, include an increase in the retirement age to 65. Women had been able to retire at 60 until now. Greeks will also be expected to work a minimum of 40 years rather than the current limit of between 35 and 37 years. This change will be phased in over the next five years but as of 2024, the retirement age will be reviewed every three years and will depend on the average life expectancy in the country.
Anybody seeking early retirement will have their pension cut by 6 percent each month for every year before the new limit that they retire.
...Greece currently spends about 12 percent of its gross domestic product on pensions but this figure is predicted to double by 2050 if no changes are made as there will be roughly one pensioner for every working Greek by that time."
Related:
Papandreou calls for confidence Vote - November 2011
Papandreou: Referendum vote likely? May 24, 2011
Greek Government 2013 (June reshuffle under Samaras)
Greek Government 2011 (reshuffle under Papandreou)
Greece's Golden Visa program
