Retirement

The possibility of buying out up to seven years of social security, favorable arrangements for the employment of retirees, fears of a fresh increase in the age of retirement, as well as the completion of the required years of insurance for an entire generation - that of the baby boomers - have opened the door to retirement for thousands of men and women insured with the Single Social Security E

Increasing the retirement age based on changes in life expectancy or increasing the annual deficit by 0.4% of GDP per year, forever - not for just one year - are the two options of the Greek social security system, per the international organizations. The Labor Ministry has made it clear there will be no change by 2027.

Individuals aged 60 to 69 could play a crucial role in alleviating the European Union's labor market challenges amid an escalating demographic crisis. A report from Allianz Trade indicates that with effective delayed retirement strategies, the proportion of this age group in the workforce could rise from 9% in 2023 to 14.2% by 2040.

People wait to cross a road near a construction site in Beijing on July 9, 2024.

China said Friday it would gradually raise its statutory retirement age, as the country grapples with a looming demographic crisis and an older population.

Hundreds of millions of people in China are set to enter old age in the coming decades while the birth rate dwindles dramatically.

German measures to incentivize workers to retire later come as governments across Europe are turning to pension reforms to address worker shortages and ease the burden on their pension systems.

Here is what other European countries are doing.

France

According to Forbes, choosing the perfect city for retirement in Europe can be challenging, but a recent study by business solutions firm Moneypenny has shed light on the best locations. The study ranked the top cities for retirement across Europe based on various factors such as the average cost of living, required savings, and other relevant details.

Greece is aging. It is a realization that keeps being mentioned more and more urgently and imperatively. Recently, ratings agency Moody's predicted a demographic "crash" for the country in 2035, by measuring the elderly dependency ratio.

Moody's warned on Tuesday that worsening demographics and the increase in the dependency ration of the elderly constitute a serious fiscal challenge as well as a cause of downgrades of states' ratings. Greece, as it states, is expected within the next decade to have the fifth highest dependency ratio among all developed economies internationally.

A total of 3,838 employees in the Armed Forces of the Republic of Bulgaria continue to work while receiving a pension, as disclosed by Defense Minister Atanas Zapryanov. This group includes 825 military personnel and 3,013 civilian employees.

Around 100,000 pensioners have declared on a special electronic platform of the Single Social Security Entity (EFKA) that they are working, Deputy Minister of Labour and Social Security Panos Tsakloglou, said in an interview on Saturday.