ECONOMY

OAED to help aged jobless to retire

oaed-to-help-aged-jobless-to-retire

A Labor Ministry circular paves the way for the issue of pensions for the long-term unemployed whose cases have been pending at the Single Social Security Entity (EFKA) since 2017. The circular clarifies that the favorable status of those workers, which dates to 2000, did not change with the passing of the Katrougalos law 2016, and remains in force.

The system introduced in 2000 provides for the Manpower Organization (OAED) to cover up to five years of social security contributions for jobless workers registered with the organization for more than a year, so that they can secure the right to a pension.

The basic condition for that is that the long-term unemployed individual has collected at least 3,000 days of insured labor – i.e. been insured for at least a decade with any of the former main pension funds, such as the Social Security Foundation (IKA) – and needs up to five years of insured labor to secure the right to a pension.

After the changes to the retirement age limits introduced by legislation in the last decade, the long-term jobless (male and female) have to have reached the age of 62, with the exception of those previously in professions classified as unhealthy and hazardous, who can retire from the age of 57.