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GreekReporter.comGreek NewsEconomyPension Cost in Greece Reaches 16-Year High at €28 Bln Annually

Pension Cost in Greece Reaches 16-Year High at €28 Bln Annually

Greek pensioners protests against austerity have been ignored
As the number of pensioners in Greece increases rapidly, pension costs reach a 16-year high at 28 billion euros per year.
While creditors press for pension cuts and a stop to early retirement, the cost of pensions puts security funds at great risk.
According to figures by the Hellenic Statistical Authority (ELSTAT), about 130,000 employees are eligible for retirement, while another 150,000 retirement applications are pending because applicants have not reached the age or working years required.
These two numbers will be added to the already existing 2,654,748 pensioners, sending annual pension costs to 28.14 billion euros annually. This is a 16-year record high.
The new pensioners will create a 1.8 billion euro deficit in pension funds in 2015. According to social security funds officials, the rapid rise in the number of pensioners brings pension costs at 2.35 billion euros per month, with 1.35 of that taken from the state budget.

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