Pension applications are on course to hit a historic record in the country, with the largest wave of mass departures in the decade since EFKA was established. That is the finding of a recent analysis by the Union for the Defence of Labour and the Social State. In particular, data from the “ATLAS” information system show that pension applications hit a new high in September, reaching 20,100.
This brings the total number of new applications for the nine months from January to September to 164,434. As the union’s president, Professor Alexis Mitropoulos, points out, the nine-month period saw more applications than in the corresponding period of any previous year since the restoration of democracy. This points to 2026 becoming a year of mass departures from the workforce into retirement.
The breakdown of applications by gender is also noteworthy: available data show that about seven in 10 pension applications have been submitted by women.
If the current rate of applications continues through the final months of the year, the total is expected to exceed 200,000 by the end of 2026. That would bring the number of new applications close to the historic highs recorded in previous years. A total of 212,151 pension applications were submitted in 2021, while the figure reached 211,133 in 2022. If the upward trend seen since the start of 2026 continues, this year could approach those record levels, confirming the momentum behind the new wave of departures from the labour market.
The main reason for this mass exodus is insured workers’ deep fear of imminent adverse changes to the pension system. More specifically, workers are rushing to retire because they fear an increase in the retirement age, a worsening of the rules for buying back notional insurance years (for studies, military service or children, for example), and a less favourable method of calculating pensionable earnings, all from the same date. In addition, calculating new pensions on the basis of earnings over an entire working life is prompting more and more people to leave the workforce.
The ENYPEKK study stresses that pensions remain low, in a country that has already legislated for the highest general retirement age in Europe, abolished early retirement from 1 January 2023 and has the oldest pensioners in the EU, with 83.5% aged over 65.
At the same time, changes to the rules governing pensioners’ employment are making it easier for some to decide to retire, as continuing to work part-time or full-time while drawing a pension is now a more attractive option than it was in the past.
The extremely low level of income available to new pensioners is also contributing to this trend. Most new pensions are at levels that make it difficult to cover the rising cost of living and day-to-day inflationary pressures.
As for November pension payments, these will be made earlier because of the 28 October public holiday, starting on the 23rd of the month. Specifically, on Monday 26 October, main pensions will be paid to members of the former funds for the self-employed (OAEE, OGA, ETAA), as well as pensions awarded since EFKA was established under Law 4387/2016 and all supplementary pensions in the private sector. The money will be available at ATMs from Friday evening, 23 October.
Similarly, on Thursday 29 October, main pensions will be paid to members of the former salaried employees’ funds (IKA-ETAM, banks, OTE, PPC, NAT and others) and to public-sector pensioners. The amounts will be credited to accounts from Tuesday afternoon, 27 October.