Retirement age limits: When will they finally change – Everything Tsakloglou said

On her subject readjustment of the retirement age limits spoke today Deputy Minister of Labor and Social Security, Panagiotis Tsakloglou, speaking on the ERT “Newsroom” TV show.

“In our legislation – as in 10 European countries, the retirement limit is linked to the life expectancy at 65 years. Why at 65 years old? Practically what we are interested in is how many years later on average this person who is dating will get a pension. This examination of the corresponding limit is done every 3 years. We’ve been doing this thing since last year. And what we found was that life expectancy at 65 years did not increase in Greece. And in fact we had a retreat compared to the rest of the reference period that Greece had especially mainly due to the pandemic. So the next review will be in 2027 and nothing will change until then. So until then one can get a full pension when he has 40 years of contributions. That is, one can get this pension when he is 62 years old”, he added.

For life expectancy

While regarding whether the life expectancy will increase he said “we will see when that particular moment arrives. All the publications in the newspapers are essentially based on the report produced by the so-called Aging Working Group. There is a group in the European Commission which every 3 years produces a new report. In the report, an actuarial study is carried out to see exactly where the pension is. This is not only done for Greece, but also for all countries. “Whatever the adjustments are – when they’re going to come, they won’t be big,” he said, referring to the possibility that life expectancy will increase.

What is the case now?

He also reminded that there are currently certain categories of insured persons who can retire before the age of 62. “There are some conditions for doing this – as there are in several other countries. Armed forces and security forces can retire at 60 years. There is another large category which is the heavy and unhealthy professions, which also retire earlier. But there is also a special category among them, the so-called super-heavyweights, who retire even earlier,” he noted.

See the related VIDEO below

Insurance: What the new report of the National Actuarial Authority says about life expectancy

The new report of the National Actuarial Authority recently brought to light the new data on the population and life expectancy in Greece. The said report was sent to the Aging Working Group, published on the Commission’s website and mentions among other things that the population of Greece is expected to decrease to 7.777 million in 2070 from 10.438 million in 2022, according to Eurostat.

This report also refers to life expectancy. Analytically:

• Life expectancy at birth for men will increase in 86.5 in 2070 from 78.8 in 2022 and for women it will increase to 90.4 in 2070 from 84.2 in 2022.
• Life expectancy at 65 years for men will increase from 18.7 in the base year to 23.9 at the end of the projection period, while for women it will increase from 21.7 to 26.7.
• It is noteworthy that the participation in the workforce expected to increase:

-to 79.9% in 2070 for workers aged 20-64 from 75.4% in 2022 and for workers aged 20-74 to 69.7% at the end of the projection from 64.7% in 2022 .

– to 78.2% in 2070 for workers aged 55-64 from 57.4% in 2022.

-to 24.3% in 2070 for workers aged 65-74 from 9.3% in 2022.

The employment rate for workers aged 65-74 will increase to 23.3% in 2070 from 8.6% in 2022.

Due to pension reforms the average contribution period will reach 38.4 years (38.5 for men and 38.3 for women) by 2070. The proportion of adult life spent in retirement remains stable for both men and for women at the level of 30% during the screening period.