(ANSAmed) - ATHENS, MARCH 9 - Greece's poor demographic
performance is evolving into a major threat for the country's
social security system, as a recent study conducted by the
National Actuarial Authority and submitted to the European
Commission has shown that the Greek population will shrink
dramatically from 11.045 million last year (according to
Eurostat) to 8.5 million in 2060. As Kathimerini online reports,
the picture painted by the study shows that in the
not-so-distant future, in 45 years' time, six out of 10 members
of the active population in Greece will be over the age of 65
and one in four Greeks aged between 65 and 74 years will still
be working.
According to the report, the retirement age will come to 71.9 years and main and auxiliary pensions will drink drastically.
The replacement rate for pension spending will drop from 80% today to 56% by 2060, with the decline starting no later than 2020, when the rate will reach 64.6% - and this does not take into account any possible claims on funds' cash reserves by the government. The National Actuarial Authority also points to an increase in the dependence of the elderly going hand-in-hand with the significant reduction in the population.(ANSAmed).
According to the report, the retirement age will come to 71.9 years and main and auxiliary pensions will drink drastically.
The replacement rate for pension spending will drop from 80% today to 56% by 2060, with the decline starting no later than 2020, when the rate will reach 64.6% - and this does not take into account any possible claims on funds' cash reserves by the government. The National Actuarial Authority also points to an increase in the dependence of the elderly going hand-in-hand with the significant reduction in the population.(ANSAmed).
