The country’s social security system is mathematically being led to complete collapse, regardless of measures to solve its other problems, under the weight of the constantly worsening figures of the demographic problem.
An OECD report states that Greece will be forced to increase the retirement age by almost 1.5 years by 2035 and by a total of 2.8 years by 2050, due to the worsening of the demographic problem.
This deterioration consists on the one hand in the expected increase in life expectancy, and on the other hand in the reduction of the working age population (20-64 years old) which in Greece will reach 35%!!!
The report reiterates that the coming years will be difficult. By 2050, the number of pensioners corresponding to every 100 workers will double. That is, while in 1990 the ratio was 22.9 people over 65 per 100 workers, in 2020 the ratio was 37.8 and in 2050 it will reach 75.
An aged country
Indicative are the figures according to which – if the most acute national demographic problem is not resolved – in the year 2070, each person over the age of 65 will correspond to one – perhaps even less – person of working age, i.e. economically active.
Repeated reductions in pensions and increases in retirement limits become ineffective – over time – if solutions are not found to the exacerbated demographic problem. An important contribution to the collapse of the system is also the explosive rise of flexible forms of employment that cause an increased loss of income for the system.
Today’s official picture of the ratio of employed pensioners shows that for every pensioner there are 1.5 workers, while fifteen years ago this ratio was close to one pensioner to two workers.
The report of the Minister of Labor in Parliament is indicative as it determined this ratio at 1 to 1.7 at the time when the insurance system was structured with the assumption that for every 4 workers there will be one pensioner. In fact, it expressed the assessment that in 2030 Greece will have taken from Italy an “unwanted first place, that is, we will be the oldest country in Europe”.
Latest News
Vacant Properties in Greece Posing Risk of Forest Fires
Homeowners are calling on municipal authorities to clear away empty properties which pose a serious threat of fire in the summer
New ‘Jobmatch’ App to Link Greek Tourism Businesses with Jobseekers
New digital app ‘Jobmatch’ aims to help Greece’s tourism and hospitality sector fill hundreds of empty posts ahead of the tourism season
HSBC, Goldman Sachs Positive on Greek Economy
Goldman Sachs sees an upgrade of the Greek stock market
Greek Easter 1.5bln-Euro Turnover Satisfies Retailers
This year’s Orthodox Easter coincided with the beginning of the summer tourist season, resulting in a 15% increase in tourist traffic in downtown Athens
President von der Leyen’s Campaign Website Attacked by Bots
The President of the European Commission announced the attack, which comes one month before European Parliament elections and following a series of media reports about Russian-led disinformation campaigns, on her X account
MEPs Rake in ‘Whopping’ €8.7 mln in Side Gigs – Transparency Intl
The report opens a "can of worms" about the potential for foreign governments to influence MEPs and notes that Greece's MEPs rank the 3rd highest for their generation of side income
Greece Reacts Sternly to Turkish Decision to Open UNESCO Site Chora Church as a Muslim Mosque
"The decision of the Turkish authorities to start the operation of the Monastery of Chora as a Muslim Mosque constitutes a provocation to the international community", the Greek Foreign Ministry stated
DW: Greece Prepares for the 2024 Tourist Season Amid Climate Change Challenges
The Greek state has adopted measures to alleviate the impact of climate change
Greco-French Relations on Ice: Exploring the Chill between Mitsotakis and Macron
Macron allegedly sought increased military support for Ukraine, including weaponry and Western troop deployment for training in Western Ukraine, a request declined by Mitsotakis
Greece Secures Stable Tourism Flows at 30 Million Arrivals
However, despite this year’s bookings projected to rise slightly compared to last year, Yiannis Hatzis, President of the Panhellenic Federation of Hoteliers, stresses the importance of strategic planning