BUSINESS

Over-45s caught in the eye of the unemployment crisis

THANOS TSIROS

TAGS: Economy

Increasing numbers of Greeks over the age of 45 are finding themselves at an economic impasse, as the unemployment rate in the 45-64 age group is growing instead of dropping, like the overall jobless rate in Greece.

One in three people who are out of work – totaling more than 347,000 individuals – belong to this age group, up from one in five in 2009, when the unemployed in this age bracket numbered just 99,000.

Retiring is not an option anymore, following the increase in the age of retirement to 67 years, while the method of calculating pensions means that when they do eventually retire, the benefits they will receive will be much lower than used to be the case.

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