Labor Deputy Min.: Pensions guaranteed despite changes in insurance withholdings

Pensions are guaranteed, Labor Deputy Minister for Social Insurance Notis Mitarakis told ANT1 TV on Friday, responding to fears that a reduction in social insurance withholdings would shrink pension fund revenues.

"Fund revenues depend on many factors," Mitarakis said," one factor being the amount of withholdings, a second one being the number of people employed and the third one related to the (average) wages in Greece. The goal is to set to motion the Greek economy engine by strengthening development."

Asked about retroactive repayments of those pension withholdings that were overturned by courts, Mitarakis said that in a lawful society the executive branch ought to and is obliged to execute all court decisions; this is not a political decision, he pointed out, but a constitutional obligation.

"We are awaiting, as many citizens are, the Council of State's relevant rulings, in order to determine the amount that may ostensibly need to be returned by the pension system."