Greece has decided on further pension cuts as a means for the Greek government to tighten its spending.

A source from the Greece labor ministry said the government has decided to make the cut as it is under pressure from euro zone leaders to find another 325 million euros in savings in order to step closer to a bailout package.

The government source said a 12-percent cut to pensions will be made – the second such slash made after 2010 when it cut ten percent from pensions for its first bailout.

The Greek government plans to save a total of 400 million euros with its latest policy, applying the cut to pensioners receiving more than one-thousand-300 euros, or roughly two million Korean won, per month.