Viable social security system, but only on low pensions

The sustainability of the social security system is considered assured until the distant 2070, according to a new study by the National Actuarial Authority submitted to the competent department of the European Commission.

There is, of course, a very important and highly mandatory condition: That nothing changes in terms of the so-called “parametric changes,” i.e. retirement age limits, amount and method of calculating benefits, etc. And, of course, an equally disappointing finding, that Greece has a sustainable system, but insufficient in terms of the one and only obligation: To ensure to workers and pensioners an adequate living income.

The study, Kathimerini understands, presents a sustainable pension system, in an aging society with a smaller population, particularly reduced costs but also significantly lower pensions.

The experts even estimate that the gradual reduction of the pension expenditure, below the European average, actually leads to pensions even below 900 or 850 euros per month gross. Therefore, the distributed pension system of Greece does not need new pension cuts in order to ensure its long-term financial sustainability.