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Pensioners, civil servants and state sector employees will be the big losers under the terms of the 2014 budget announced by the government on October 15.
The country looks set to fail to meet the 2013 deficit target of 5.5 per cent of GDP agreed with the troika, with the figure expected to stay at around 5.9 per cent, meaning austerity will continue into next year, observes Jornal de Negócios.
The budget will cut €3.9bn in state expenditure, explains the daily, through –
Salary reductions for around 90 per cent of state employees, an increase in the retirement age from 65 to 66 years and an increase in banking sector taxation.
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