GREECE - The Greek Ministry of Employment has announced pension reform proposals which will see 154 pension funds rolled into just 14, in a bid to improve the financial health of the system.

A spokeswoman for the ministry confirmed to IPE today proposals had been put forward, but declined to reveal further details at this stage.

The Greek prime minister, Costas Karamanlis, last week listed 11 social security reform proposals, among which was the harmonisation of all pension funds, including primary and supplementary, auxillary, funds, along with raising the State retirement age to 65.

That said, people who are now in their 40s, and started working between 1983-1992, will still retire at 60, IPE has learnt.

Greek media wrote this week the proposals have been met with contempt by the unions and other social partners.

According to the reports, bank workers, journalists and teachers are planning major industrial strike action next week to protest against the plans.

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