Labor Ministry circular heralds changes to age of retirement

The Ministry of Labor issued a circular which outline a number of changes to pensions and the age of retirement, for those…

The Ministry of Labor issued a circular which outline a number of changes to pensions and the age of retirement, for those retiring after the 1st of July 2015, based on the commitments made in the recent bailout agreement.

Although the recently-issued circular is somewhat general in its scope, it will initiate the gradual increase of the age of retirement, so that as of January 2022 full pensions will be given to those aged 62 (with 40 years of insurance) or 67 (with 15 years of insurance).

Certain groups are exempt from these changes, including those performing arduous and hazardous professions and other vulnerable social groups.

The circular also notes that the pensioners from social security organizations, including the Bank of Greece, who have already reached the age of retirement and completed the necessary years of insurance, will not be affected.

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Helios Kiosk