Agenda

MONDAY – Alco Hellas holds Emergency General Meeting (EGM), at head office, Aspropyrgos on share capital increase and putting a convertible bond issue, worth up to 50 pct of the company’s capital. At 2 p.m. WEDNESDAY – Hellenic Telecommunications Organization (OTE) holds Emergency General Meeting (EGM) at head office, 99 Kifissias, Marousi, on the election of a new board of directors. At 4 p.m. FRIDAY – Intralot holds EGM at the Village Center premises, in Maroussi on buying back up to 10 pct of its shares. At 10 a.m. – Deadline for submitting binding bids for acquisition of a 10 pct stake in Hellenic Post (ELTA). Likely bidders include Deutsche Post, TPG of the Netherlands and France’s La Poste. Size of pension: No pension may amount to more than the last wage or salary. Downward gradual adjustments will take effect after 2007. The crucial question here is the ultimate size of the adjustment. Theoretically, those first employed before 1993 will be entitled to receive a main pension, which represents 80 percent of their last wage; for those employed from 1993, it will amount to 60 percent. In practice, most pensioners of the Social Security Foundation (IKA) today receive 70 percent of their last wage. Sources say the Labor Ministry will consider establishing a uniform 70 percent for «old» and «new» insured. In any case, it is considered certain that supplementary pensions – which in some cases amounted to 80 percent of the last wage and thus meant total retirement incomes much higher than working ones – are certain to undergo serious cuts, particularly for insurance salespeople, airline staff, merchant marine agents, electricians and those employed in the foodstuffs and pharmaceuticals industries, whose total retirement incomes are estimated to ultimately reach 75 percent of working incomes. The Labor Ministry is giving reassurances that the lowest pensions will not be affected and will look into improvements for the «new» entrants (after 1992).