With this connection, almost all European countries already operate so that every time it is established that life expectancy rises, the corresponding adjustment to retirement ages is made.
In the Greek insurance system, the linking of age limits with life expectancy will be implemented for the first time in 2027.
By 2026 it is expected to examine whether and how much life expectancy for the over-65s rose during the decade 2016-2025.
Studies show that life expectancy is increasing with the exception of the pandemic period, which declined marginally.
The change in age limits will concern:
- The new insureds who are going through the first 5 years of their working life as of now will have to come to terms with the idea that they will get a pension after 64 and with 44 years of insurance life.
- The insured aged 35 to 45 who are in the first 15-20 years of their working life and will be caught by two or three increases in the age limits until they retire.
- The insured aged 50 to 55 today, who are 12 to 7 years away from turning 62 and becoming entitled to either a reduced pension or a full pension if they have 40 years of insurance. This category is the most “feared” of being locked into one or two age limit increases, meaning that for some, perhaps the 50-year-olds, the 62 retirement age will be a thing of the past after 2027.
Linking life expectancy to age limits based on OECD practice can be applied with a ratio of 1 to 1, with a ratio of 1 to 2/3 and with a ratio of 1 to 1/3.
The model that seems likely for Greece as the OECD says is a 1 to 1 ratio, that is, for every 1 year that life expectancy increases, the age limits will also increase by 1 year.
With 1 to 2/3 the age limits will increase by 8 months for every 12 months of increase in life expectancy and with 1/3 the increase in limits will be milder by 4 months for every 1 year of increase in life expectancy.
If life expectancy decreases, will age limits also decrease?
The law does not provide for reductions in age limits due to a decrease in life expectancy, except that if life expectancy decreases, the age limits will remain unchanged.
However, the upside of automatically raising the age limit, apart from increasing people’s lifespans, is that future deficits can be prevented and there will be sufficient resources not only to pay today’s retirees but also those who will leave the workforce in the future. .
Who leave before 62 from OAEE and ETAA
Five categories of insured persons in OAEE and ETAAA can leave with age limits of up to 62 years, before the changes in age limits catch up with them.
These categories are:
- Mothers insured in the Legal Fund with a minor child until 2012.
- Women insured at TSMEDE aged 35 until 2012.
- Men and women aged 35 until 2012 in the OAEE.
- Men aged 35 until 2012 in the ETAA.
- Insured persons with a disabled member (spouse or child, sibling).
Age 35 is completed by buy-in, 4 years for 2011 and 5 years for 2012, to keep the age limits below 62. If age 35 is reached after 2013, 40 years of insurance is required to retire at 62 or 67 if not available the 40th year.
The women of ETAA who completed 25 years in TSMEDE and Legal Fund and 21.6 years in TSAU until 2010 retire with the age limit that will apply after they turn 60.
For the pension with a disabled member (spouse, child, brother), insured persons in OAEE and ETAA must be 25 years old by 18/8/2015 and the member is disabled, in which case they retire without an age limit, while at 25 years old or with a disabled member of the family from 19/8/2015 have an age limit of 55 and 11 months to 62.
Pension by OAEE (men, women) and ETAA (men)
| 35 years of insurance until 2012 | |
| Age 60 | Retirement age |
| In 2018 | 61 |
| In 2019 | 61,3 |
| In 2020 | 61,6 |
| In 2021 | 61,9 |
| In 2022 | 62 |
Women’s pension with 35 years in TSMEDE
| 35 years of insurance until 2011 | |
| Age 58 | Retirement age |
| 2018 | 60 |
| 2019 | 60,6 |
| 2020 | 61 |
| 2021 | 61,6 |
| 2022 | 62 |
| With 21.6 years of TSAV and 25 in TSMEDE – Law until 2010 | |
| Age 60 | Retirement age |
| In 2018 | 63,6 |
| In 2019 | 64,5 |
| In 2020 | 65,3 |
| In 2021 | 66,2 |
| In 2022 | 67 or 62 with 40 years |
Mother’s pension from the Lawyers’ Fund
| With 21.5 years until 2010 and a minor | |
| Age 50 | Retirement age |
| In 2017 | 58,5 |
| In 2018 | 60,2 |
| In 2019 | 61,10 |
| In 2020 | 63,7 |
| In 2021 | 65,3 |
| In 2022 | 67 (or 62 with 40 years) |
| 22 years old in 2011 and a minor | |
| Age 55 | Retirement age |
| In 2017 | 59,6 |
| In 2018 | 61 |
| In 2019 | 62,6 |
| In 2020 | 64 |
| In 2021 | 65,6 |
| In 2022 | 67 or 62 with 40 years |
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