10 Ways the Greek Government Screwed Their Economy
7. Pensions were undeservedly high
Thanks to the generous welfare state the retirees had it good in Greece. When the recession hit in 2009 more than 10% of the pensioners received state pensions which exceeded €1500 a month. In the public sector, around 8% of the workers could retire at 50, and some even as young as 26. 24% of them were eligible to retire between 51 to 55, while the other 44% could retire at the age of 56 to 61. Different groups of people were entitled to receive lifelong state pensions, among them single or divorced daughters of government workers and the military. 40 000 women were entitled to this pension, and the total amount the government spent on this group alone was €550 million a year.
