Majority of Greeks Over 50 Face Retirement Without Pensions

Most Greeks aged 50-74 are facing their later years without an old-age pension. According to a survey by the National Statistical Service of Greece, only 31.2% of people in this age group are receiving a national pension, leaving the majority without financial support.

To qualify for an old-age pension in Greece, one must have completed 40 years of insured work (12,000 days). The survey revealed that of those who receive pensions, most (77.3%) retired by choice as soon as they were eligible, while 15% were forced into retirement due to age limits.

The survey also found many pensioners continue working. Of those aged 50-74, 31.6% receive a pension, but 0.8% are still part of the workforce, largely driven by financial need (32.9%) or the comfort of additional income (14.0%). Pensioners who keep working makeup 1.8% of the entire Greek labor force.

The average monthly pension is €816.95, with only about 30% of pensioners earning more than €1,000. These pensions were hit hard during Greece’s decade-long financial crisis, as international lenders imposed austerity and the government made 10 different cuts to state pensions to meet markers.

The survey found a noted difference in pension distribution by age and gender. Before age 54, less than 5% of people receive an old-age pension, but that number climbs steadily for both men and women until age 60. Beyond that age however, men are far more likely to receive a pension, with 90.1% of males aged 74 receiving a pension compared to 63.7% of women.

The average retirement age in Greece is 58.6 years, though people with higher education tend to retire earlier. Retirement ages also vary significantly depending on occupation and region. For example, skilled agricultural workers retire at around 65.6 years of age, while technicians tend to stop working at around 59.0. Regionally, Attica sees the youngest average retirement age, while Crete, Western Greece, and the Ionian Islands have some of the oldest.

There may be some changes to the pension system on the horizon. This summer, Prime Minister Kyriakos Mitsotakis announced plans for a general pension increase, along with targeted assistance for those impacted by the “personal difference” rule.

Source: tovima.com