As initially announced by the Government, social security contributions (CAS) will see a reduction by six percentage points next year, however, the reduction process will be conducted in three stages, instead of a full reduction at the beginning of the year, as the budget would not have been able to cope with the sudden decline in revenues, explained the Minister of Economy and Finance, Varujan Vosganian, yesterday. He did not specify whether there would be three equal instalments or not, but he did say that all three major contributions would be reduced - pensions, health and unemployment, both for employers and employees. "The reduction of the CAS by six percentage points will be conducted in three stages: at the beginning, middle, and end of next year," stated the minister, after presenting his first 2008 draft budget to the Government, which included the reduction of social security contributions. According to Vosganian's statements, both employers and employees will benefit from the CAS reduction by paying less for pension, health and unemployment contributions.
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