Austria's government has agreed on an increased austerity package worth €27.9 billion ($36.6 billion) in tax increases and savings to balance the budget by 2016.
The text will be submitted on Thursday to parliament, which is expected to ratify the deal in its March 28-29 session.
The 2012-2016 package was first announced at €26.7 billion in mid-February but later renegotiated between the governing Social Democrats and conservative People's Party.
It foresees €17.3 billion in savings -- through cuts in the pension system, civil service, state-run companies like Austrian Rail (OeBB) and sector subsidies -- as well as 9.2 billion euros in increased tax revenues.
Changes in the social service system should also bring in €1.4 billion, bringing the total to €27.9 billion, according to the deal.
The 98-article package will be implemented in two stages, after President Heinz Fischer complained last month of the short deadline given to him to approve the text.
Tax increases will now come into force on April 1 as initially planned, while the bulk of the package will take effect on May 1.
The...
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