ECONOMY

Average basic pension in Greece at 694 euros, says ministry as it unveils new payment scheme

The average basic pension in Greece is under 700 euros, Labor Minister Yiannis Vroutsis said on Friday as he presented a unified payment system for retirement pay.

The scheme, called Helios, was created after Greece carried out its first census of pensioners to weed out false claimants.

According to the data used by the Helios system there are 2,714,034 pensioners in Greece. They average basic pension is 694.56 euros, while the average supplementary pension is 178.48 euros.

Greece has a total of 93 pension funds and this is the first time the country has a centralized system to monitor retirement pay.