Warning
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  • Greece’s worker to pension ratio is an unsustainable 1.38 compared to UK’s 2.75. This means there are just 138 people in employment for 100 Greek pensioners.
     
  • Since 2000, the Greek pension system has received €216 billion in subsidies to prop up an unsustainable system.
     
  • Pension funds were required to invest 77% of funded portion into Greek Government bonds, leading to catastrophic losses that had to be covered by Government subsidy.
     
  • Pensions to former public utilities employees have cost the equivalent of 8% of total income tax receipts.
     
  • €50 billion privatisation programme will take 100 years to implement at current rate of progress.
     
  • New proposals aim to cut government support by €1.8 billion out of system distributing just under €30 billion.
Published in Greece