Creditors want to raise the number of minimum working years required for the basic pension. If this happen, thousands of temporary workers, especially in the tourism sector are at risk to never receive a pension.
During a meeting with Greek Labour Minister Giorgos Katrougalos, the creditors tabled the proposal to raise the minimum required years for a pension from 15 to 20.
This will raise also the required social security stamps from 4,500 to 6,000.
According to Greek media, the creditors claimed that “the requirement of 4,500 stamps act as a disincentive for employees to remain in the labor market.”
Such a raise would put at risk thousands of seasonal workers like those in the tourism sector to never manage receive a pension. Not only because they cannot collect 6,000 stamps as they wok an average of 6 months per year, but also because due to high youth unemployment of 50%, more and more Greeks enter the labor market much later than in previous years and decades.
The proposal would hit also seasonal workers like in farming or construction – but construction is dead in Greece, anyway.
Note: I realized some reader misunderstood the whole issue thinking that one can get pension at 35, if one gets 4.500 stamps or have paid social contributions for 15 working years. That’s WRONG! One has to reach the normal pension age which is 67 for the Greek private sector.
One working 6 months per year in the tourism sector, needs some 30 calendar years to manage 4,500 social contribution stamps.
The proposal has been made by the Troika also in the past.
The pensions reform discussions are still ongoing, the Greek government is expected to present its plan for pension reforms in early January.