Rise in pensionable ages (Law 4093/2012 and 4336/2015)

Law 4093/2012 aimed to introduce significant amendments to the pension system, particularly focusing on the reduction of pension benefits and the conditions for pension eligibility, while law 4336/2015 aimed to implement comprehensive pension reforms as part of Greece's financial assistance programme, focusing on ensuring the sustainability of the pension system. The main institution involved is the Greek Government, with key stakeholders including pensioners, the Ministry of Labor, the European Stability Mechanism, and social security funds. Both laws are national in scope, affecting all pensioners and future retirees within Greece. It targets the public and private sectors, impacting the financial stability of pensioners. Law 4093/2012 mandated reductions in pension benefits, particularly for higher-income pensioners and introduced stricter conditions for pension eligibility, including changes to the retirement age and contribution periods. On the other hand, law 4336/2015 introduced new measures to reduce pension expenditure, including changes to pension calculation formulas and benefit reductions and increases in pension contributions for both employees and employers. The laws were enacted in November 2012 and in August 2015, respectively.