Greece is aging rapidly and its workforce is shrinking, with the huge demographic problem affecting the country’s insurance system and the possibility of increasing the retirement age for young workers remaining open, according to the conclusions from a report by the Organization for Economic Cooperation and Development (OECD).
By 2050, 70 people for every 100 people aged 20 – 64 in Greece will be over 65 years of age, when today the corresponding ratio is 44 per 100. The conditions of population aging in all OECD countries are similar: Within the next 25 years, there will be 52 people over 65 years of age for every 100 people aged 20 – 64, when there were only 22 in 2000 and 33 this year, in 2025.
Apart from Greece, a similar increase will occur in the next 25 years in Korea, Italy, Poland, Slovakia and Spain. The decline in the population aged 20-64 by 2070 will be at the level of 30% also in Estonia, Italy, Japan, Korea, Latvia, Lithuania, Poland, Slovakia and Spain, according to the OECD. As a result of this widening of the “gap” between the young and the older, there is an impact on the retirement age limits.
Thus, it is considered very likely that there will be an increase in the minimum retirement age, from 62 to 66 years, within the next 40 years. After all, the state’s expenditure on pensions already ranges at 16% of GDP, a particularly high percentage.
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