More cuts to auxiliary pensions to hit retirees on Friday

Tens of thousands of pensioners will see their auxiliary pensions slashed by between 10 and 12 percent on Friday morning, while in some cases the cuts will even exceed 40 percent.

This second wave of cuts will affect 144,000 pensioners, after a first one hit just under 67,000 retirees in August.

Out of the 805,900 auxiliary pensions that have been recalculated for this month, 662,000 will be paid without changes.

In August 311,680 were reviewed and 244,780 remained unaffected by the new system provided by a law that was introduced by Labor and Social Insurance Minister Giorgos Katrougalos.