The retirement age will increase in Greece: who will be affected?

By 2030, the statutory retirement ages of 62 and 67 are projected to increase by about 1.5 years.

At the center of the discussed changes in the limit retirement age turn out to be today’s 55 year olds: towards the end 2026 the government will have to decide whether to increase age limits from January 1, 2027based on dynamics life expectancy.

The current framework involves linking age limits to life expectancy older people 65 years old according to a model that is already used in almost all European countries. Changes will be based on research National Actuarial Authoritywhich is prepared every three years.

According to a recent actuarial body study, 2030 legally established boundaries 62 And 67 years old may increase by approximately 1.5 years. Will the increase be introduced immediately from 1/1/2027 or gradually during 2027–2030depends on the specific binding mechanism life expectancy to age thresholds.

What a phased increase might look like

If a gradual scenario is chosen, a model similar to the period is considered 2015–2021when age limits were adjusted annually. In this version, approximately:

• those who are fulfilling 62 V 2027 year, can retire in 62.6;
• those who are fulfilling 62 V 2028 year, – in 62.9;
• those who are fulfilling 62 V 2030 year, – in 63.5.

Currently, age limits are “fixed” in two basic categories:

• 62 years old subject to availability 40 years of insurance experience (12.000 insurance days);
• 67 years old if available minimum 15 years of insurance experience (4.500 insurance days).

Sources in Ministry of Labor note that immediate no increase is expected, emphasizing: Greece has already gone through significant increases in age limits in previous periods.

In particular:

• With 1/1/2013 age limits have been raised to 62 And 67 years old;
• by law 4336/2015 All intermediate age thresholds were also raised.

Demographic factors after 2027

Social protection experts emphasize that decisions after 2027 will depend on three demographic indicators:

• elderly dependency ratio (65+ to economically active population): assessed as movement towards 60% With 39% Today;
• aging index: for every 170 the elderly have to 100 a person of working age;
• birth rate: With 1.3 child in 2018 year he grew only to 1.5 V 2022remaining below the level 2.1.

In the same framework, it is noted that the balance births–deaths remains negative, with the gap doubling in five years:

• 33.856 man in 2018 year;
• 64.706 man in 2022 year.

At the same time the forecast OECD indicates that in Greece age 62 years old for retirement at 40 years of experience may increase to 66 years old To 2050. Report Pensions at a Glance 2025 records that Greece – one of the lowest actual retirement ages in international comparison, while many European countries are already at 66–67.

The same report highlights that the greatest burden may be borne by young people who have been 22 years old and who entered the labor market in 2024 year: their average retirement age, estimated from current 62 years oldcan rise to 66. At this point it is expected 44 years old insurance experience instead 40required today.

IN private sector Greece appears with a “normal” retirement age of around 62 years old. IN public sector this age is fixed below – approximately 60–61 year.

Finally, according to the assessment EIOPA (European Insurance and Occupational Pensions Authority), in the future, public social protection systems will experience difficulties in financing pensions due to a worsening ratio working-retired. IN GreeceThe pressure is expected to be greater due to greater demographic aging.

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