Greece’s overhaul of rules governing employment after retirement is reshaping the labor market, creating incentives for retirees to remain economically active while generating additional revenue for the social insurance system.
Since January 1, 2024, working pensioners no longer face a 30% reduction in their pensions. Combined with the possibility of receiving a permanent pension increase based on social security contributions paid during post-retirement employment, the change has altered the landscape for nearly 300,000 retirees and the e-EFKA social insurance fund.
The first results suggest the new framework is already having an impact. According to e-EFKA data, more than 10,000 retirees have received higher pensions after ending their employment and completing a recalculation based on additional contributions paid while working. Another 4,000 applicants are awaiting new pension decisions incorporating permanent increases.
Declared working pensioners currently number about 300,000. Of those, roughly 91,500 are employees, 72,100 are self-employed and about 135,000 continue agricultural activity. Pension increases apply only to those paying social security contributions through their work, meaning about 163,600 employees and self-employed retirees may qualify for future increases.
