According to a recent ministerial decision,
there will be a decrease in the 250 euro sup-
plementary pension, which will be recalculated
on the basis of new rates. Let’s assume that,
following the recalculation, the new amount is
180, which means that the new total pension
stands at 1,280 euros (1,100+180). These cuts
have already affected 250,000 pensioners.
Moreover, the law provides for a new method
of calculating supplementary pensions. Those
retiring after 1/1/2015 will enjoy a replacement
ratio of 0.45% of their earnings for each work-
ing year up to 2014. For all years of work from
1/1/2015 onwards, supplementary pensions
will be subject to the Notional Defined
Contribution (NDC) system, which will deter-
mine the amount of the supplementary pen-
sion on the basis of the contributions actually
paid, providing for annual adjustment rates
depending on revenues, the number of pen-
sioners, the development of wages, and other
actuarial parameters. The only thing that is
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