Pensions in the public sector: Is it good for an employee to stay until 67? 2024-08-06 10:18:02

The age limits change based on the year they establish full entitlement, i.e. they have the insurance time required to retire, but also the statutory retirement age.

For employees appointed from 1/1/1983 to 31/12/1992, the right to retirement is established based on the years of insurance they complete up to 2012 and the age they complete up to 2021 and from 1/1/2022.

The pension legislation of the State provides for the possibility of retirement for its employees with 10 different conditions in terms of insurance time and retirement age, which are as follows:

1. Pension without age limit for mothers with three children who turned 20 by 2010. The pension in this case is full.
2. Pension at the age of 50 to 25 for mothers with a disability – child’s inability to work over 67%. The provision until 18/8/2015 was applied to both parents, while from 19/8/2015 (by law 4336/2015) the right is given only to the mother.
3. Pension with 25 years until 2012 for all categories of employees, with age limits from 55 to 67 years for parents with minor or three children, and at 56 or 58 for reduced. The age limit increases from 19/8/2015 to 2021 and is determined by the year in which the insured completes the old age limit that was valid until 18/8/2015.
4. Pension with 35 years for employees who are 25 years old by 2010 and complete a total of 35 years of insurance. In this case, they should have reached the age of 58 by the age of 35, in order to determine the new age limit at which they will retire. When both conditions are met until 2021, retirement occurs with an age limit of 58.6 to 61.6 years. However, if the age of 58 or 35 is reached after 1/1/2022, then the retirement age rises to 62 and instead of 35, 40 years of insurance are required.
5. Pension with 36 years for employees who turned 25 in 2011 and have a total of 36 years of insurance with the 58th year completed by 2021. With these conditions, they leave with an age limit of 58.6 to 61.6 years. After 2022, however, they leave at 62 with 40 years of insurance.
6. Pension with 37 years for employees who turned 25 by 2010 and have a total of 37 years of insurance with a completed 55th year by 2021. With these conditions they leave with an age limit starting from 55 years and 11 months after August 2015 and reaches 61 years and 2 months in 2021. If 37 years is reached after 2022, the insured in this category retire at 62 with 40 years of insurance.
7. Pension (full) with 37 years for employees who turned 25 in 2012 and have a total of 37 years of insurance with a completed 59th year by 2021. With these conditions they leave with an age limit starting at 59 years and 5 months after August 2015 and reaches 61 years and 8 months in 2021. If the age of 37 or 59 is reached after 2022, insured persons in this category retire at 62 with 40 years of insurance.
8. Pension at 67 with 25 years completed from 1/1/2013 onwards.
9. Pension at 62 with 40 years of insurance as long as the 25th year is completed from 1/1/2013 onwards.

10. Reduced pension at 55, 56 and 58 with 25 years until 2012.

From 1/1/2027 it is expected that the age limits will increase from 6 months to 1 year.

Is it good for a civil servant to stay in the State until the age of 67 when he is compulsorily retired?

Staying at 67 is beneficial, only if you don’t turn 40 earlier. It is not useful to stay after 40 years because the increment added each year to the replacement rate is small and drops to 0.5% from 2.55% which is up to 40 years of insurance. An employee who turns 40 will have a replacement rate of 50%, while at 42 years old the replacement rate goes to 51%. The difference is that for a one-year stay from 39 to 40 years old he earns an extra 2.55% replenishment, while with a two-year stay (from 40 to 42) he earns only 1% in the replenishment rate.

Pension for parents with a minor and three children

The conditions for the retirement of parents and three children from the State are as follows:

1. Mothers of a minor child who turn 25 until 2010 are retired for a full pension with the age limit that applies when they turn 50. Women who turned 50 from 19/8/2015 until 2019 get a pension with age limits of 55 to 61 years and 10 months .
2. Parents of a minor child who turn 25 in 2011 retire for a full pension with the age limit that applies when they turn 52. With the age of 52 from 19/8/2015 until 2018 they get a pension from 55 to 60.2 years old.
3. Parents of a minor child who turns 25 in 2012 retire for a full pension at the age limit that applies when they turn 55. For example, an insured with a minor and 25 years old in 2012 who turned 55 in 2018 can retire in 2024 at the new limit aged 61 years.
4. Parents of three who turn 21 in 2011 retire for a full pension at the age limit that applies when they turn 52 (and with a total of 23 years).
5. Parents of three children who turn 23 in 2012 retire for a full pension at the age limit that applies when they turn 55 (and with a total of 25 years).

What about the reduced pension?

The conditions for the reduced pension from the State in accordance with Article 20 of Law 4997/2022 are formulated as follows:

*Men 25 years old by 2010 and 60 years old by 2022 date anytime. Those who are 25 years old until 2010, but turn 60 from 1/1/2023, will be 62.

*Women 25 years old by 2010 and 55 years old by 2022 date anytime. Those who turn 55 from 1/1/2023 will be 62.

*Men and women who turn 25 in 2011 and age 56 by 2022 get a reduced pension at any time. If they turn 56 after 1/1/2023, they will be 62.

*Men and women who turn 25 in 2012 and age 58 by 2022 receive a reduced pension at any time, while if they turn 58 in 2023 they will have an increase in the age limit for reduced and they will reach 62.

For example:

1. A female employee of the Ministry of Finance who was born in the year 1965 and is 25 years old in 2010 can retire with a reduced pension at the age of 55, completed by 31/12/2022 even if she exercises the right in 2023, 2024 and so on .
   But if he turned 55 after 2023, he would be 62.
2. An educator who was born in 1964 and is 25 years old in 2012 retains the right to a reduced pension whenever he wishes with the age limit of 58 which he completes in 2022. However, if he turned 58 after 2023, he would retire with a reduced pension in the 62nd year.

The age limits for parents’ pension from the State

25 years old in 2011 and a minor child
	Age 52 years
Retirement age limit	Until 8/18/2015
52	From 19/8 to 31/12/2015
55	in 2016
56,9	in 2017
58,5	in 2018
60,2	in 2019
61,1	in 2020
63,7	in 2021
65,3	in 2022

67

* The same age limits apply to the pension of mothers with a minor and 25 years old until 2010 who turn 50 from 19/8/2015 onwards.
25 years old in 2012 and a minor child	Age 55 years
Retirement age limit	Until 8/18/2015
55	From 19/8 to 31/12/2015
56,6	in 2016
58	in 2017
59,6	in 2018
61	in 2019
62,6	in 2020
64	in 2021
65,6	in 2022

67

The age limits for parents of three children’s pension from the State
With 21 years in 2011 and 23 in total	Age 52 years
Retirement age limit	Until 8/18/2015
52	From 19/8 to 31/12/2015
55	in 2016
56,9	in 2017
58,5	in 2018
60,2	in 2019
61,1	in 2020
63,7	in 2021
65,3	in 2022

67

With 23 years in 2012 and 25 in total	Age 55 years
Retirement age limit	Until 8/18/2015
55	From 19/8 to 31/12/2015
56,6	in 2016
58	in 2017
59,6	in 2018
61	in 2019
62,6	in 2020
64	in 2021
65,6	in 2022

67

The age limits for a reduced pension from the State
Men aged 25 until 2010	Age 60 years
Age limit for reduced pension	Until 31/12/2022
60 anytime	From 1/1/2023
62
Women aged 25 until 2010	Age 55 years
Age limit for reduced pension	Until 31/12/2022
55 anytime	From 1/1/2023
62
Men-women with 25 years in 2011	Age 56 years
Age limit for reduced pension	Until 31/12/2022
56 anytime	From 1/1/2023
62
Men-women with 25 years in 2012	Age 58 years
Age limit for reduced pension	Until 31/12/2022
58 anytime	From 1/1/2023

62