Greece: Key factors influencing final pension amounts

Several factors determine the final pension amount for insured individuals in Greece, moving beyond just the final salary. Key elements include the number of years of insurance, the amount of the national pension, and whether one chooses a full or reduced pension.

Increasing insurance years, particularly between 36 and 40 years, can lead to more favorable calculation coefficients and higher replacement rates. For 2026, the full national pension is set at €446.87 for those with at least 20 years of insurance. While reaching 40 years of insurance is often seen as a path to better benefits, choosing a reduced pension—which involves a 30% reduction in the national pension portion—can be a strategic decision.

A reduced pension may be beneficial for those facing unemployment, low-income part-time work, or those prioritizing quality of life and health by retiring earlier. Notably, in the e-EFKA system, the reduction applies exclusively to the national pension, leaving the contributory pension portion untouched. Additionally, retirees maintain the legal option to work in the private sector or practice a profession alongside their pension.