Work up to 72 years and beyond pension! This is what a European Commission report predicts for today’s teenagers in Greece, with the pension they will receive at the end being proportionally smaller compared to today.
Children born during the debt crisis, who will enter the labor market around 2030, will retire at age 72.5, according to a report on the demographic and fiscal impacts of population aging in states – members of the European Union.
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As Kathimerini reports, our country has linked the evolution of the general retirement age limits with the course of life expectancy, based on the memorandum obligations.
Thus, the general age limit – from 67 years now – will reach 68.5 years in 2030 and 72.5 years in 2070.
As for the amount he will receive, it will be significantly reduced.
As reported by Kathimerini, while in 2022 the pension replacement rate is at 76% of income, it will be limited to 65% in 2040 and will reach 53% in 2070. This is, after all, an important reason, together with the limitation of early retirements and the creation of TEKA, which while in 2022 the net pension expenditure was at 12.6% of GDP, it is estimated that it will reach 10.6% of GDP in 2070. It should be noted here that Greece is one of the few countries that has already linked the course of the general retirement age limits with the course of life expectancy, having as a condition their review every three years. Of course, as the Deputy Minister of Social Security Panos Tsakloglou has clearly emphasized, for the next three years there will be no change, due to the fact that the gains of the previous years in the life expectancy of the elderly were essentially halted during the years of the pandemic.
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