Labour ministry issues first circular on pension system reforms under new memorandum

Gazzetta team 29 Σεπτεμβρίου 2015 - 20:45

The labour ministry on Tuesday issued the first circular clarifying the changes to Greece's pension system under the reforms required by the new memorandum with Greece's creditors.

This breaks down the amount of old-age pensions to be paid for those that retire after July 1, 2015 and the minimum retirement age as foreseen by memorandum laws. The minimum age for a full and reduced pension will gradually increase so that by January 1, 2022 it stands at 62 years with 40 years full employment for a full pension or 67 years with 15 years full employment.

Exempted from the above measures are those in strenuous or unhealthy professions, as well as the mothers or widowed fathers of offspring incapable of gainful employment.

The circular also specifies that the changes do not affect those that have already established rights to a pension from social insurance funds, having fulfilled the required years of employment and age, which can be exercised at any time.