Greece: population drop to raise retirement age to over 70

09 March, 10:30

    (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).

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