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A new way to calculate lump sum paymentsThis has led to the reduction of Katrougalou’s law, which is being reviewed by the Ministry of Labour with the goal of increasing it in the future, Ta Nea reported.
Tania said the proposal under consideration involves a change in the calculation method, which will not cause any financial problems as it is purely an employee contribution and will not affect the budget. This is because the lump sum payments from all funds have been reduced year by year, and with the change in the calculation method of the amount that retirees are entitled to receive from 2014, part of the lump sum payment has been converted into interest-free refund contributions.
The proposal to change the way the lump sum is calculated would extend the five-year period 2009-2013, currently used to calculate the best part of the lump sum, to closer to retirement age.
According to the La Prensa newspaper, this measure is under consideration by officials in charge of the Public Welfare Fund, as it has been decided that the lump sum payment will be divided into two parts, one for the insurance year ending in 2013 and the other for the insurance year before 2013. It has an expiration date starting in 2014, and with each passing year, the lump sum amount will decrease for more and more insured persons, who will be away from the “good” five years.
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