Greek govt circular lifts pension age, as pension rate drops

Greek Deputy Labor and Social Security Minister Tassos Petropoulos left open the possiblity of lifting the retirement age in Greece to over 67 years in a circular that outlines a number of changes for those retiring after July 1, 2015. The recently-issued circular, based on pledges that the Greek government made with creditors, is general in its scope but the gist of it appears to be the gradual increase of the retirement age so that full pensions will be given to those aged 62 (40 years of insurance) or 67 years (15 years of insurance) by January 2022.

The circular states that pension calculations will be linked according to the life expectancy of people, according to Law 3863/2010. This means that it could be lifted if the life expectancy grows. Furthermore, the indexes may be revised every three years while taking into account the life expectancy charts of the Hellenic Statistical Authority (ELSTAT) and Eurostat.

The only groups to be exempt from changes are those categorized hazardous professions as well as other vulnerable social groups.

The circular notes that the pensions of retired employees of social security organization and the Bank of Greece will not be affected by the new rules.