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"The bills do not tally up unless new measures are taken," government sources acknowledge. What they have in mind is the deficit in pension funds (2.4 billion in primary insurance and 1.3 in additional insurance until late 2016), the expected economic recession, the rising unemployment and the uncertainty with regard to the collection of pension contributions, as well as the new hole consequent to the cancellation of public funds (minus 850 million) and the implementation of the zero deficit clause in supplementary pensions (350 million).

Given these factors, pensions should be cut by at least €1.2 billion.

The following measures amending the pension system have been voted so far:

Incrementally, until 2021, and immediately after the publication of the law, from 5 to 17 years of additional service will be required for employees aged 50 and above, until their retirement age reaches 67 years. For those who are entitled to retirement after 35 years of service, regardless of age,  the minimum retirement age will be 58 years from now, and it will gradually increase to 62 years.

For example, a mother of a minor child, with 5,500 insurance days by 31 December 2010, who was supposed to retire at 50, and is now 47, by the new arrangements will retire at 60.1 with a reduced pension, or at 67 with a full pension.

Under the new rules, full pensions will be given in 2022 either at 62 with 40 years of service, or at 67 years with a minimum of 15 years of service. Only those in hard and unhealthy work, as well as parents of children with disabilities, are exempt from this rule.

The punitive pension reduction will go up by another 10% at early retirement. For example, if one retires seven years earlier, one's pension will be reduced by 52% (7 years times 6% + 10%).

Those who are retired for old age after 30 June 2015 will receive pensions depending on the contributions paid, with the full amount starting at 67. This will reduce the minimum pension. For example, the Greek Social Insurance Institute (IKA) has so far paid €486 as a minimum pension, while from now on it will only pay €315.

Pensions are being frozen at their levels of 31 July 2015, and will see no raise until 2021.