Trade with Greece
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1/1/2017, and every three years, the National
Actuarial Authority shall prepare mandatory actu-
arial studies, with the purpose of continually mon-
itoring the evolution of national pension expendi-
ture. Pensions shall be redefined by means of a
special law, in order to ensure the long-term sus-
tainability of the pension system. The amount of
the national, proportional and supplementary por-
tions of pension expenditure, projected up to the
year 2060, must not exceed 2.5 percentage
points of GDP, using 2009 as the reference year.”
The impending changes in the pension system
focus on 4 areas:
1. A new system for the calculation of social
security contributions is established for free-
lance professionals, practitioners (physicians,
engineers, lawyers, pharmacists) and farmers,
who will pay a percentage of their annual tax-
able income. The contribution rate will amount
to 20%, effective as of 1/1/2017. Most profes-
sionals will see their social security contribu-
tions increase. However, a maximum tax cred-
it of 50% has been proposed in regard to prac-
titioners and economists-members of the
Economic Chamber of Greece.
2. Supplementary pension contributions of both
businesses and workers will increase by 0.5%
respectively as of 6/1/2016, and by half this
percentage, i.e. 0.25%, as of 1/6/2019. Thus,
from 1/6/2016 to 31/5/2019 supplementary
pension contributions will amount to 3.5%
(instead of 3%) for all employers and to 3.5%
(instead of 3%) for employees. For the period
from 1/6/2019 to 31/5/2022, contributions are
set at 3.25% for employers and 3.25% for
workers. In 2023, contributions will be restored
to current levels, i.e. 3%+3%.
3. The method for calculating main and supple-
