Greece: Buyout of fictitious years used to accelerate retirement

In Greece, nearly half of insured individuals are utilizing the buyout of 'fictitious years' to accelerate their retirement or increase their monthly pension benefits. According to EFKA data, people are buying an average of 3 to 4 years, which can potentially reduce the retirement age limit by up to 7 years.

The Institute of Labour of GSEE (INE-GSEE) identifies 13 different categories of fictitious insurance time that can be recognized, including military service, parental leave, periods of study, unemployment, and maternity leave. These categories allow individuals to complete the required insurance years to meet current retirement thresholds.

While beneficial for establishing pension rights or reaching the 40-year requirement for retirement at age 62, the process carries significant costs. The buyout is calculated as a percentage of the worker's salary (approximately 20%), with average monthly costs around 220 euros. Experts advise individuals to consider this option only if they are within approximately one year of retirement, especially as increases in the minimum wage are expected to impact buyout costs starting April 1, 2026.