10.23.1.30 Social Security System in Greece
Greece's social security system
The old age pension in Greece is managed by:
- IKA-ETAM - the Social Insurance Institute - Unified Fund of Employees (insurance funds for employees in the private sector),
- OGA - Agricultural Insurance Organisation (insurance funds for farmers and other agricultural workers).
Greek social insurance is based on a 3 pillar system of public, occupational and private insurance:
- First pillar - main and auxiliary insurance - age, disability and survivor's pensions - pays pensions intended to cover basic living costs (only the Greek old age pension is covered by this Agreement).
- Second pillar - occupational insurance.
- Third pillar - private insurance.
IKA-ETAM old age pension
The old age pension is generally paid to people who have reached retirement age (65 years of age for men or 60 years of age for women) and have a minimum of 15 years insurance. However, the retirement age may vary in Greece. For example, a person with 33 years of contributions may retire at 62 (men) or 57 (women) and there is no age limit for someone with 37 years of insurance who has been employed as salaried or self-employed. The scheme commenced in December 1937.
OGA old age pension
Pensions are payable at 65 years of age (men and women) with 15 years of contributions or 25 years of employment in the agricultural sector. A person was insured from age 21 if working in the agricultural sector after 1 January 1961. OGA will also accept any period of work in the agricultural sector where a person is aged 21 years or older and was employed in that sector before 1961. Contributions were not required from 1961-1987, voluntary from 1988-1997 and compulsory from 1998.
Act reference: SS(IntAgree)Act Schedule 22 Hellenic Republic