Greek pensions by the numbers

Nearly 45% of Greece’s 2.6 million retirees now live on incomes of less than €665 a month – below the poverty line defined by the EU – and only one in 10 jobless Greeks receive unemployment benefits
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133 Number of separately administered public pension funds in 2008

77% Pension fund cash that must be invested by Bank of Greece in Greek government bonds or Treasury bills

13 Number of pension funds after reforms demanded by Troika*

44% Cuts to pensions since 2010

€10 billion Pension fund losses in 2012 debt-swap when value of Greek bonds was cut in half

€13.5 billion Government subsidy to pensions – 15% of all Greek government revenue

€31.4bn Cost of pensions (2014)

€9.8bn Employees’ contribution

€8.1bn Employers’ contribution
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AVERAGE PENSIONS

Before deductions for medical care and tax

Public Power Corporation €1,372.35

Bank employees €1,158.29

State sector average €1,011.80

Media, journalists €890.50

Engineers, doctors, lawyers €840.70

Freelance professionals €735.69

IKA – largest fund which manages pensions of  5.5 million €705.89

Private sector average €639.85

OGA – farm workers €431.62

One in four pensioners Below €500

*European Commission, International Monetary Fund and European Central Bank
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2,656,855 Total pensioners (July 2014) 

Age 81 plus 23%

71-80 32%

51-70 40%

50 or below 5%

8% In public sector
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Sources: Centre for Planning and Economic Research, Eurostat

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