The Quartet of Greece’s creditors from the European Commission (EC), European Central Bank (ECB), International Monetary Fund (IMF) and European Stability Mechanism (ESM) are pushing for a level retirement age at 67 years by January 1, 2022, regardless of extenuating circumstances. The plan could see some groups – such as mothers with dependants – working as much as 15.5 years more before retirement.

Under current labor laws, mothers with children under 18 years are privy to early retirement at the age of 50. New laws will mean that a mother who turns 50 years in 2016 will need to work an additional 8 years before being eligible for retirement in 2024. In 2017, 50-year-old mothers of minors will be burdened with another 9.5 years before being eligible to retire at 2026.

The first column shows the age, the second column shows the age of retirement and the third column refers to the year when the candidate will be eligible for retirement:

The Greek side is negotiating for a gradual increase to the retirement age rather than the sudden increase creditors are proposing.

Worst still, are the health contribution increases that pensioners will be required to make and slashes to pensions. Some of the changes include:

– Restrictions to state funding for pensions (private and public) of those who are under 67 years, except those who receive widowers benefits and disability allowances.

– Cuts to pensions and their retention at 2015 levels until 2021.

– A gradual increase, triple in some cases, to farmers and seamen’s contributions.

– A link between social contributions and benefits for a number of pension funds.

– Retroactive application of Law 3863/2010 that foresees the estimation of pensions based on the 360-euro per month guaranteed rate. The law will apply to those who applied for a pension after January 1, 2015.

– Covering the fiscal gap following the legal decisions rendering pension cuts in 2012 as illegal.