Auxiliary social security with high returns for retirees

Auxiliary social security with high returns for retirees

The new pay-as-you-earn system of auxiliary social security, which Labor Minister Kostis Hatzidakis and his deputy, Panos Tsakloglou, presented on Thursday, will not only offer guaranteed supplementary pensions but also higher returns to pensioners.

They argued that, based on conservative assumptions about the use of the funds, auxiliary pensions could be as much as 68% higher than what a retiree collects under the existing system.

The new apparatus, based on the Swedish model, will concern all workers entering insured employment as of next January and anyone up to the age of 35 years wishing to join.

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