Pension
The legal retirement age in Greece is:
- 62 years for full pension with at least 40 years (12,000 days) of insurance
- 62 years for reduced pension with 15 years (4,500 days)
- 67 years old for full pension with at least 15 years (4,500 days) of insurance
The monthly pension is a sum of national pension and contributory pension. The state budget finances the national pension, while the contributory pension corresponds to the payment of insurance contributions and is calculated based on pensionable earnings, insurance period, and replacement rate.
The full amount of the national pension is EUR 426.17 (euros) (when at least 20 years of insurance and 40 years of permanent and legal residence in Greece have been completed before applying for a retirement pension), reduced in proportion to the years of contribution and residence.
Effective January 1, 2024, the maximum monthly earnings for contributions are EUR 7,373.53.
Dependents/Survivors Benefits
Greece's social security insurance scheme covers benefits for survivors of a deceased insured person, including the widow, widower, or children of the insured individual. The following conditions must be met to be eligible for this pension:
- The insured person must have had at least 1,500 insurance days, of which 300 occurred during the last 5 years prior to their death; or
- The insured person must have completed the insurance days which would entitle them to a disability pension; or
- The insured person must have been entitled to an old-age pension.
The widow must have been married to the deceased for at least 6 months before their death unless the death was caused by an accident at work or an occupational disease, there is a minor child, or if the widow was pregnant before the death. The amount of pension paid to a widow/er of a deceased is 50% of the pension. If the surviving spouse is working, the amount of pension is reduced by 50% after three years.
Children are entitled to receive a pension until they reach the age of 24 years, provided they are unmarried. The amount of pension for the children is 25% of the pension the deceased parent was entitled to. If both parents have died, the child is entitled to 50% of the pension.
Invalidity Benefits
Greece's Social Security Institute provides disability benefits to insured employees. Disability is certified if the insured person can no longer earn more than 50% of the average earnings of a worker in their profession. The amount of the disability pension depends on the degree of disability as follows:
- Full pension is granted in the case of 80% disability (considered severely disabled).
- Full pension is granted in the event of incapacity of at least 66.6% if the insured person has completed at least 6,000 insurance days or the disability is mainly caused by mental illness.
- 75% of the full pension is granted in the case of incapacity of at least 67% (but the insured person has not completed at least 6,000 insurance days, and the disability is not mainly caused by mental illness).
- 50% of the full pension is payable in the case of 50% - 66.99% incapacity (75% of the full pension if the disability is caused mainly by mental illness).
Effective January 1, 2024, the minimum amount of disability pension is EUR 852.34 per month.