The possibility of adjusting Greece’s retirement age limits after 2030 remains in the spotlight, as population aging and demographic trends put growing pressure on the sustainability of the pension system.

While the government insists that no final decision has been made on an immediate increase in age limits, actuarial studies and forecasts from international organizations keep the issue in the news. Currently, retirement age limits are locked in at two main thresholds:

• 62 years old, provided the worker has completed 40 years of contributions (12,000 stamps).
• 67 years old, with at least 15 years of contributions (4,500 stamps).

Sources at the Ministry of Labor say no immediate increase is planned, noting that Greece has already carried out major increases to these limits in past periods. Specifically, as of January 1, 2013, the limits rose to 62 and 67 years, and under law 4336/2015, all intermediate age thresholds were raised as well.

At the same time, social security experts point out that any changes after 2030 will depend on three demographic indicators:

• The dependency ratio of people over 65 relative to the economically active population, estimated to move toward 60%, up from 39% today.
• The aging index: for every 170 older people, there are 100 people of working age.
• The fertility rate, which rose slightly from 1.3 children in 2018 to 1.5 in 2022, still well below the replacement level of 2.1.

Meanwhile, according to a recent study by Greece’s Actuarial Authority, by 2030 the legislated age limits of 62 and 67 are estimated to rise by roughly 1.5 years.

Who Won’t Be Affected

The planned changes would not affect the following five categories of insured workers, who face no risk from a potential increase in the retirement age:

• Workers who have already established a pension right, whether for a reduced or full pension, in any fund based on the age limits in effect from August 19, 2015 to December 1, 2021, and from January 1, 2022 onward. In other words, anyone who can already retire at any time will not be affected.
• Workers retiring under provisions for a disabled family member (child, spouse, or sibling).
• Special categories of insured workers, such as those in hazardous and arduous occupations, in both the private and public sectors.
• Uniformed personnel (military, police, and similar services), whose retirement conditions are set by special law.
• Anyone currently 57 years old who is on track to retire with a full pension at age 62, having completed 40 years of contributions, including recognized notional years.

Who Will Be Affected

The age limit changes are expected to affect workers currently aged 50 to 55, who are 7 to 12 years away from turning 62 and becoming eligible for either a reduced or full pension (if they also have 40 years of contributions).

Based on current data and the adjustments made to age limits after August 19, 2015 (law 4336/2015), workers who fail to establish a pension right within the three year window of 2027, 2028, and 2029 will bear the full brunt of any increase. As a result, those turning 62 after 2030 will most likely end up retiring at around 63.6 years old, if the limits rise as the studies suggest.

• Workers currently aged 35 to 50, who will face two to three successive increases to the age limit before they retire.
• Young workers just starting their careers, who should already prepare for the likelihood of retiring after age 64 with 42 years of contributions, or closer to 70 if they have fewer working years.