Greeks retire "young" - Retirement age remains below European average
The retirement age in Greece has until now been one of the lowest in the world. Reforms implemented in recent years in the country's social security system, driven by the debt crisis and an aging population, are now leading to a significant increase in the age. However, starting from a low base, it seems likely that it will continue to remain below the international average.
Workers who retired in 2022 with full years of work were 62 years old. While those who entered the labor market in 2022 will retire at the age of 66. Although 44 years of work will be required to withdraw from the market, instead of the current 40 years, the retirement age in Greece will be the 13th lowest among the 29 countries included in the report by the Organization for Economic Cooperation and Development (OECD).
Greece's retirement age of 62 has been the lowest so far, along with Slovenia and Luxembourg. Denmark is leading the way in raising the retirement age, which will raise it from 67 to 74. Italy and Estonia follow closely behind, with an increase from 64 to 71.
Due to demographic changes in the population in recent decades, direct and indirect spending on pensions in most European Union countries constitutes an increasingly large share of total government spending.
Maintaining Europe's population at current levels and consequently the overall sustainability of social security systems has been achieved thanks to immigration, which has since the 1990s compensated for the natural decline in population. According to a study by the Bruegel think tank, without immigration, the EU's population would already be in rapid decline.
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