ECONOMY

Three in every four pensioners opt for early retirement

Three in every four pensioners in Greece have managed to secure early retirement, inflicting a major blow to the sustainability of the country’s pension system.

Data presented on Wednesday by Labor Minister Yiannis Vroutsis showed that about 75 percent of public sector and IKA pensioners have taken early retirement, benefiting from various legal provisions that allow them to stop working before the age of 61 years.

“In the public sector 7.91 percent of pensioners retire between the ages of 26 and 50, 23.64 percent between 51 and 55, and 43.53 percent between 56 and 61,” Vroutsis told a parliamentary committee.

“In the Social Security Foundation (IKA), 4.44 of pensioners retire between the ages of 26 and 50, 12.83 percent retire between 51 and 55, and 58.61 percent retire between 56 and 61. In the so-called healthy funds, 91.6 percent of people retire before the national age of retirement,” added Vroutsis.

Responding to pressing questions by deputies in Parliament, Vroutsis said that the special regulations mentioned above would not be abolished on his watch. “We will not force families to reverse the plans they have made,” the minister said.