Thousands in public sector can claim pension before age of 67

Thousands in public sector can claim pension before age of 67

According to certain clauses within existing laws, thousands of public sector workers aged between 58 and 62 will be eligible for their pension before the age of 67.

Experts say this will apply until 2021 for some 20,000 people – previously insured with the pension funds of several public enterprises (DEKOs) and banks, as well the IKA social security fund – who will be entitled to pensions before they turn 62.

Greece’s pension funds were merged into the Single Social Security Entity (EFKA) at the beginning of this year.

People who were first insured before 1993, and who have less than 40 years of insurance, are entitled to a full pension before they turn 62.

However, those who first started making contributions after January 1, 1993, must have 40 years of insurance before they can become eligible for a full pension at 62. If those people paid contributions for less than 40 years, then they will be entitled to a reduced pension when they are 62, and a full one when they are 67.

The main “windows” leading to retirement before the age of 62 depend on the fund and years of insurance.

A typical case concerns public sector employees who have worked for 37 years and made 25 years’ worth of contributions before 2010. If those people completed 37 years of insurance by August 18, 2015, they could receive their pension regardless of age limit.

If 37 years of insurance contributions are completed in 2017, the age limit for a pension is set at 57.8 years.

If someone completes 37 years of insurance payments in 2018, the age limit rises to 58.6 years. The limit rises to 59.5 years if workers complete 37 years of insurance by 2019.

Other sample cases include people hired before 1983. If those people have completed 35 years of insurance by 2017, they can receive a pension at the age of 59.6 years. If they have 35 years of insurance under their belts by 2018, then they will be eligible for a pension when they are 60.

Others who are 57 in 2017 and have made contributions for 35 years can get their pensions after they turn 60.

Those aged 58 in 2020 who have also been insured for 35 years will get their pension when they are 61.

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