BUSINESS

Brussels views extension of retirement age as necessary

ROULA SALOUROU

TAGS: Finance

Changes in the age of retirement are the only tool remaining for the protection of Greek pensioners from poverty, as all other intervention measures have been exhausted, according to a report issued on Monday by the European Commission.

Brussels mirrors calls by the Organization for Economic Cooperation and Development (OECD) for the extension of working lives that requires the extension of retirement ages for Greeks.

The European Union analysts stress that Greece should fully implement the reform of the social security system introduced in 2016, as it has been hampered by the commitments for growth and primary surpluses.

By the same token, the report expresses the Commission’s concern about the negative impact on pension sufficiency from the reform’s measures, such as the reduction of handouts by up to 18 percent next January.

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