75% of Greek Pensioners Enjoy Early Retirement

vroutsisThree out of four public sector and Social Security Fund (IKA) pensioners in Greece are opting for early retirement. This situation has caused the country’s pension system to become unsustainable.

On Wednesday, Greek Labor Minister Yiannis Vroutsis presented data to the parliament, explaining that almost 75% of Greek pensioners are trying to secure their early retirement through legal provisions that allow them to stop working before the age of 61.

“In the public sector, 7.91% of pensioners retire between the ages of 26 and 50, 23.64% between 51 and 55, and 43.53% between 56 and 61. In IKA, 4.44% of pensioners retire between the ages of 26 and 50, 12.83% retire between 51 and 55, and 58.61% retire between 56 and 61. Meanwhile, in the so-called healthy funds, 91.6% of people retire before the national retirement age limit,” Vroutsis said.

In regards to the minimum work years required for retirement, the Labor Minister said: “For people who have had 15 years of insurance or less, there will be no pensions, with specific exceptions, which will not be touched. Nothing has changed. For people with 15 to 20 years of insurance, our plan involves actuarial justice in order to support the system. We will ensure that people who retire after 15 to 20 years of work will receive a contributory pension and those who have worked 20 years or more will receive the normal pension according to the legislation. However, this plan will be implemented for people who will retire in 2040 or later.”


  • cornelsen (asto piasto)

    Αυτά είναι παραμύθια των συστημικών παπαγάλων. Η ηλικία συνταξιοδότησης στην Ελλάδα βρίσκεται στον ευρωπαϊκό μ.ο. Οι μόνοι που συνταξιοδοτούνται κάτω των 50 ετών είναι οι ένστολοι. Τα επίσημα στοιχεία τού υπουργείου λένε ότι κάτω των 50 ετών οι συνταξιούχοι γήρατος είναι 18,5 χιλ.

  • Pete

    And the Greeks expect those in other countries to continue to pay for this insanity!

  • Richard Smacky

    I feel for you, but I also think this is how it should be. What really irks me is lucrative public pensions (pensions “earned” by government workers)… in the case of obnoxious pensions paid by private companies there is always a brick wall that they hit eventually and they are bankrupted. Not so with government… they just go back to the trough for more money from the taxpayers. Or to the central bank for more virtual currency.

  • msbeal

    Without attaching what percentage of their income they earn from early retirement the information in this article is useless. Sure you could retire after 15 years of work but you might not get much more than routine interest on the money you put in.

  • ramabama

    70% of economy and employment in Greece is through Public Sector, yet, it is wrongly defined as a First World Country (not so with manufacturing, knowledge based countries such India, China, Brazil). Germany created this monster of debts, where Greeks would enjoy life at the cost of rest of the Continent. I can’t see the logic behind further loans being dished out to Greece, so that they can recapitalize the existing loans and interest. Greece will continue the path of no work, no production, no taxes. All of this would mean that the next bail out package will be before the end of this year.

    Greece must be allowed to exit Euro. Eurozone is a noble idea, not so the common currency. UK has been the most sensible sticking to its GBP, although, should never contribute to the common pool as is the case now.

    I hope Greeks vote a resounding ‘No’ to the Euro deal and exit the Euro. They can go back to their old ways, basically, work like the rest of the world, produce real things, pay taxes, and live within their means. This stupidity of bailing Greece year on year must stop. Germany does not have the capacity to carry on this way, one day the people of Germany will turn rebellion.

  • davidvvv

    If the numbers from the minister are incorrect or there is another interpretation other than that is an unsustainable path you should so inform us and provide the “truth”.

  • hopewell

    You win the award for Dumbest Post of the Day.

  • Kevin

    Willy Salmond n Co, you simply cant compare Greece to Scotland, completely different work ethic and culture. Stop using this £300 billion in debt country as a yard stick for Scotland. Total ignorance not acceptable