Golden years losing their luster for millennials

Millennials will have to work longer than their parents for a much smaller pension in Greece as well as in most other countries in the Organization for Economic Cooperation and Development, a study by the Paris-based OECD has found.

Recording changes to member-states' pension systems in the past few years, the study points to a combination of rising life expectancy and rapidly aging populations as one of the key drivers behind adjustments to retirement ages and replacement rates that determine the size of the pension.

Like other member-states, Greece has raised the retirement age from 60, which applies to today's pensioners, to 62, which will be the earliest young people born in the 1990s can expect to give up employment. It also slashed the percentage of their salary they can expect as a pension from the current level of 70.6 percent to 53.9 percent in the long term,...