Greece is losing its workforce - Only 1 in 10 pensioners is working. Youth unemployment, almost 20%
Greece is under-utilizing its youth and pensioners, with unemployment for people under 25 approaching 20%. Data also shows that only 1 in 10 pensioners is still working.
Greece is underutilizing both the young and the elderly, compared to other developed economies, despite facing the greatest pressures from demographic aging.
Only one in ten retirees continues to work, in a job market where youth unemployment is almost 20%. Similarly, female participation in the workforce remains high, at 11% compared to 6.5% in the eurozone.
Except in sectors that require manual labor that older workers cannot perform, half of the countries in the Organization for Economic Co-operation and Development offer incentives to extend the retirement age in occupations that support economic growth. But Greece, along with Belgium, Luxembourg and Turkey, is among the economies where bonuses for voluntarily staying longer in the labor market “are low or non-existent,” according to the Organization.
Only one in ten pensioners in Greece combines work with receiving a pension, among the few countries where those who work after the legal retirement age continue to pay pension contributions; this is interpreted as a “de facto” tax on the work of pensioners.
Greece and Spain implement an additional contribution of 10% and 9% on income, respectively, which does not lead to a higher pension. Meanwhile, countries such as the Czech Republic have strengthened incentives, exempting working pensioners from the obligation to pay pension contributions.
The low level of wages in Greece may serve as another factor discouraging the employment of retirees, as they bring relatively low benefits. The limited inclusion of retirees in the labor market, despite increasing life expectancy and labor shortages, occurs at the same time as the country fails to utilize almost 20% of its young people. Unemployment among people under 25 stands at 18.8% compared to 14.4% in the eurozone.
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