Life expectancy in Greece is almost 82 years – higher than the average in OECD member-states. Birthrates decline; who will pay for pensions? [AMNA]
At the moment, there are no plans to raise the retirement age, but demographics are unforgiving and an upward adjustment is almost inevitable in the near future.
The issue is tackled in a report of the Organization for Economic Cooperation and Development (OECD), titled, “Longevity Readiness.” The conclusion is clear: Societies that improve living conditions, medical care and preventions, like the advanced economies of OECD member-states, will see life expectancy steadily increasing. This will call for adjustments both in the job market and pension systems.
According to the latest OECD data, life expectancy in Greece, at between 81.8 and 81.9 years, is higher than the OECD average and slightly higher than the European Union’s. Greek women born this year are expected to live 84.5 years and men 79.3. Also, the share of people over 65 in the total population has risen from 17% in 2000 to 23% in 2024 and is forecast to further increase to 34% by 2050, among the highest such percentages in Europe.
At present, one can retire at 62 with 40 years of social insurance or at 67 with a minimum of 15 years – and a minimal pension. As longevity increases, so do the number of years during which a pension is paid.
