Workers pay 30 bln euros per year for 2.7 mln pensioners

The Greek pension system is the main reason Greece came to the brink of bankruptcy, as workers hand over 30 billion euros per year to the country’s 2.7 million pensioners, with 700,000 of them being under 65 years old, University of Piraeus professor Miltiadis Nektarios told a Hellenic American College event last week.

He added that Greece’s social security contributions by employers without any guarantee of a decent pension are Europe’s highest, with the system suffering from being exclusively distributive.