The Hellenic Radio (ERA): News in English, 10-11-04

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From: The Hellenic Radio (ERA) <www.ert.gr/>

CONTENTS

[01] IMF Report Approves Rise in Retirement Age

In its semi annual report released on Thursday, IMF calls its member states to avoid options for austerity measures, if they can, in order to ensure growth but it approves rise in retirement age.

Its report entitled " Multinational Fiscal Supervision " says: "Due to the relatively slow growth pace what we need is not to suddenly pull the brake unless there is strong pressure from markets. The ideal road would be to avoid any austerity measures today but with a parallel credible commitment for austerity in the future. Difficulties in refunding mature state debt of developed countries' economies remain high. The 25 countries in the report would achieve to reduce their state deficit in 2010 compared against 2009 only if there is big improvement of economic circumstances. Developed countries will have to borrow larger amounts in 2011.

The same IMF report maintains that rise in retirement age by two years will bring an average 1% increase of a country's GNP in the short term and 4.25% in the long term. The report also suggests 3 measures to strengthen viability of pension system: rise in retirement age, cuts in pensions and increase in contributions.

Sources: �NA-�PA, French

News item: 45794

[02] Early Retirement Right with Adult Children

Women with underage children maintain their right for early retirement provided they meet required terms till December, 31, 2010 says Employment Ministry circular sent to IKA.

Alternate Employment Minister G. Koutroumanis sent a circular to IKA which clarifies that mothers of underage children maintain early retirement right , provided they meet required terms - 5.500 stamps and underage child- till December, 31, 2010.

Women who meet the above terms till 31/12/2010 can retire at the retirement age in effect till that date, in other words reduced pension at the age of 50 and full pension at the age of 55 whenever they apply for retirement regardless of the age of their children and gradual rise in retirement age which starts from 1/1/2011.

News item: 45667

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