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Friday 21 September 2018

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10 workers pay for one pension in Greece, experts say

Written by Natalie Tuck
09/03/17

It takes a total of 10 workers to pay one persons’ pension in Greece, experts have said.

Greek news site ekathimerini, reports that social security experts have warned that the constant decline in salaries and the rise of flexible forms of employment are undermining the sustainability of the country’s social security system, despite the numerous interventions in terms of pensions.

Prior to the Greece’s financial crisis it required just four workers to pay one persons’ pension.
Therefore, experts state that the deterioration of the ratio highlights the system’s viability problem. This is because the contributions from workers go in their entirety to covering the pensions of today’s pensioners.

According to data from the new Single Social Security Entity (EFKA), the analysis of employers’ declarations from May 2016 showed that the average salary of 1.4 million workers with full employment amounted to €1,176 per month.

The average monthly gross earnings of the 588,000 part-time workers amounted to just €394; their number increased by about 11 per cent from a year earlier.



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