While predicting that the social security system will be bankrupt by 2015, Labour and Social Insurance Minister Andreas Loverdos announced a 10-point plan for the reform of the troubled system.

The most important point concerns the merging of the many various social security funds into just three, one for salaried workers, one for the self-employed and one for farmers.

Other measures proposed are for the establishment of a minimum pension, changes in auxiliary social security funds, the creation of tax incentives for greater coverage by social security for the employed, as well as incentives to extend the years worked before retirement.

Mr. Loverdos stated that the year 2015, when the generation of those who entered the labour market in the mid-1970s will retire, is the time that the social security system in Greece is expected to go bust unless something is done now.