Retirement age in Greece 2026: 67 for a full pension, 62 reduced or with 40 years
The general e-EFKA conditions for an old-age pension, and what leaving early costs, for people planning a retirement in Greece.
Checked by Radif Partners · Editorial policy
Greece has three general routes to an old-age pension, which the Ministry of Labour sets out for both private and public sector. A full pension at 67 with at least 15 years of insurance. A full pension at 62 with 40 years of insurance, which is 12,000 insurance days. A reduced pension at 62 with 15 years, for which private-sector employees, public utility and bank staff also need a recent insurance link. On a reduced pension the national part is cut by 1/200 for each month short of 67: leaving 60 months early means a cut of 30 %, taking the full €436.40 national pension down to €305.48 for life. Heavy and unhealthy occupations and people insured before 1993 have special conditions, and uniformed services keep their own public-sector rules. For newcomers, insurance years are rarely the obstacle; residence years for the national pension often are.
How each extra year changes the pension
Extra per month with one more year
€35
| Pension today | €889 |
| With one more year | €924 |
Five career shapes, five pensions
| Scenario | Years insured | Gross pension (€1,700 average) | Early cut |
|---|---|---|---|
| Start at 22, retire at 62 with 40 years | 40 | €1,287 | – |
| Start at 25, work to 67 | 42 | €1,304 | – |
| Start at 30, retire at 62 with 32 years (reduced) | 32 | €821 | −€130.92 national |
| Start at 35, work to 67 | 32 | €952 | – |
| Arrive at 50, work to 67 | 17 | €399 | – |
All scenarios assume a career-average pay of €1,700 in today’s money and full residence, except the last, where residence equals the years worked. The reduced-pension row applies only the verified 1/200 monthly cut to the national part; the contributory part of a reduced pension follows other rules we do not model, so the true figure for that row is lower. Even so, the table shows the trade-off: a long early career reaching 40 years at 62 beats a late start worked through to 67.
The three routes in detail
The first route is the rule: age 67 and at least 15 years of insurance, 4,500 days, give a full pension. The second rewards long careers: 40 years of insurance give a full pension from 62, 5 years earlier, with no reduction. The third is the only one that leads to a reduced pension: age 62 with 15 years, plus, for private-sector employees and staff of public utilities (DEKO) and banks, a recent insurance link.
Insurance is counted in days, at 300 days per year. Your e-EFKA insurance record shows the total, and that is the figure to compare with the thresholds, not the calendar years since your first job.
What retiring early costs on the national pension
| Months before 67 | Years | Cut | National pension |
|---|---|---|---|
| 12 | 1 | 6 % | €410.22 |
| 24 | 2 | 12 % | €384.03 |
| 36 | 3 | 18 % | €357.85 |
| 48 | 4 | 24 % | €331.66 |
| 60 | 5 | 30 % | €305.48 |
Article 7(3) of Law 4387/2016 reduces the national pension of anyone on a reduced old-age pension by 1/200 for each month short of the full-pension age. The table applies it to the full 2025 amount, €436.40, for 20 or more insurance years and full residence. The cut is permanent; it does not end when you reach 67. The contributory part has its own reduction rules, which are not shown.
How much national pension an early exit costs
Reduced national pension
€384.03
| Without the cut | €436.40 |
| Cut | 12 % |
| Less per month | €52.37 |
National pension only; the contributory part is not computed here.
If you came to Greece mid-career
For foreign residents the insurance minimum is usually reachable: arriving at 50 still leaves 17 years before 67, more than the 15 required. The national pension is the harder part, because it requires at least 15 years of permanent, lawful residence between age 15 and pension age and loses 1/40 for each year below 40. Someone in that position should expect a national pension well below €436.40; the national pension guide tabulates it by age of arrival. Insurance years earned in other EU countries are coordinated under EU rules, which this page does not model.
Groups with their own rules
Workers covered by the scheme for heavy and unhealthy occupations (varea kai anthygieina) can get a full pension at 62, subject to specific day counts in those occupations and an insurance link that depends on their fund; some older insured workers in this scheme can take a reduced pension earlier still. People first insured before 1 January 1993 have further conditions that differ by former fund or for the public sector. Members of the Armed Forces, police and fire service keep the age limits of public-sector pension legislation, as the uniformed services page explains. For any of these groups, ask e-EFKA for a written confirmation.
Before you hand in your notice
Check your insurance days, the date you reach the relevant age, and whether a special scheme applies. If you are an employee leaving because you qualify for a full pension, a reduced severance may be due, as the long-service severance page explains. Then estimate the amount in the pension calculator; your current contributions are on every payslip in the Greek salary calculator.