The year 2018 will start with a major jolt for 1.1 million Greek pensioners, as their pay stubs will alert them to the precise amount by which their pensions will be cut as of 1 January, 2019, which promises to be a veritable annus horribilis for Greek senior citizens, due to a law passed by former labour minister Yorgos Katrougalos.

That law will slash pensions by up to 30 percent, but many pensioners will also be losing family benefits. Both primary and supplementary pensions will be cut.

Those with very low pensions will see minimum or even no cuts, but they will have their EKAS stipend cut by 80 euros in 2018.

But about 650,000 pensioners who also receive family benefits for spouses and children will suffer the biggest reductions in their income.

Those who receive pension from the Organisation for the Insurance of Freelance Professionals (OAEE), those with higher incomes and 30 years of employment who are insured by the former IKA Social Security Foundation, civil servants with many years of service, lawyers, engineers, doctors, and pharmacists are among those who will endure the biggest cuts.

Until now, the government has recalculated 87 percent of pensions, mainly from the former IKA and the civil service, while the cuts for employees at utility companies and banks will have their pensions recalculated by January.

Elias Georgakis

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