By profession, the lowest age is for the insured employed in technical professions, with the average retirement age being 59 years and the highest retirement age for farmers who receive a pension at 65.6 years. Office workers (public and private sector) receive a pension at an average age of 60.4 years.
With reduced pension age limits, 11.6% of the insured leave, while almost 8 out of 10 insured (77.3%) leave work as soon as they qualify for a pension. 4.9% of retirees continue to work to supplement their monthly income.
The above revealing data on the actual retirement ages are included in a special survey by the Hellenic Statistical Authority (EL.STAT.) on pensions and participation in the labor market for people aged 50 to 74. The survey was carried out in 2023, with the aim of estimating the number of people receiving an old-age pension or some other type of pension linked to their employment, estimating the average retirement age, but also investigating any return to the labor market after retirement .
The fact that a large number of pensioners leave at ages well below the official retirement ages of 62 and 67 is due to the number of special and more favorable pension entitlement provisions that apply to the funds, with pension provisions being the most popular of mothers or parents with a minor child and insurance in IKA, Special Funds and the State. Windows for a pension under 62 also exist for those who completed the retirement age limits with the transitional provisions of 35 years, while the reduced pension also leads to the exit under 62.
According to the survey results, the average age at which people aged 50-74 started receiving an old-age pension was 58.6 years. The retirement age is slightly higher for men (58.9) compared to women (58.2). Greater differences appear among people of different educational levels, namely, the average retirement age for people with lower education is 60.7, while for people with medium and higher education it is respectively 57.1 and 57.3 years.
71.9% of old-age pensioners stopped working on retirement, while a significant proportion, 23.9%, did not work before starting to receive a pension.
A 4.9% of retirees had returned to the labor market as a working retiree. The main reason for returning to or remaining in the labor market, of people aged 50-74 receiving an old-age pension, was financial, either because there was a need (32.9%) or because it contributed financially (14.0%).
Who find it difficult to assert a right
The survey data shows that the majority of men (91.0%) try to secure a pension right – mainly, through insurance in a public institution. On the contrary, a significant percentage of women, 43.0%, do not take any relevant action. For all people aged 50 to 74, it is observed that 31.6% are receiving a pension, of which 0.8% are still working, and a significant percentage of 42.4% are not receiving a pension and are still to work while trying to secure a pension right. Also, it is observed that the percentage of people seeking a pension only through private/occupational insurance is insignificant (1.5% for men and 1.3% for women).
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