Retirement age set to keep rising

The retirement age by law in Greece will rise to 68 years, but not before 2030, according to a European Commission report assessing the economic and fiscal effects stemming from the connection of retirement age and the benefits after retirement on the increase in life expectancy.

In 2011 in Greece, which has been committed to adjusting its retirement age to life expectancy, the average retirement age for men was 62 years and 5 months and 62 years and 4 months for women. By 2030 this will have climbed to 63 years and 1 month for men and 62 years and 9 months for women, although by law the retirement age will have been extended to 68 years. In 2060 the legal age of retirement will be 70 years and 7 months.

Since 2012 the general age of retirement has grown to 67 years, and from 2021 it will be adjusted on a three-year basis depending on life expectancy. Projections show that, despite the changes, from 2011 to 2030, Greeks will continue to spend at least a quarter of their adult lives as pensioners, reaching up to a third for women.

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