Millions of pensioners will see a double, permanent boost to their incomes over the next two months, with the increased annual financial support of €400 due to be paid in November, followed in December by the pension increases for 2027.
The two measures have a combined fiscal cost of nearly €1.7bn and are set out in the draft state budget, with the aim of supporting pensioners’ incomes.
The first measure raises the annual permanent financial support from €300 to €400, with payment due in November. The second is the annual 2.8% uprating of pensions from 1 January 2027, which recipients will see in their December payments.
This uprating affects seven categories of pension benefits and thresholds, from main and national pensions to survivors’ pensions and pensions paid by the former OGA.
The €400 payment and 2.2 million recipients
The increased annual financial support of €400, paid net to recipients, is the first measure to be implemented, in November.
According to relevant government announcements, this year’s recipients include all pensioners aged over 65, pensioners over 60 who receive only a survivors’ pension, people with disabilities regardless of age, and uninsured elderly people.
Notably, the number of recipients is being significantly expanded this year. A total of 270,000 additional pensioners and other beneficiaries will receive the financial support compared with last year, bringing the number of recipients to 2.2 million.
The measure’s total fiscal cost is estimated at €879m.
The 2027 pension increases
The second boost to incomes comes from the 2027 pension increases, which will be paid in December alongside January’s pensions and will cover around 2.5 million pensioners.
Based on the macroeconomic projections in the draft budget, the increase is estimated at 2.8%, with a fiscal cost of €807m.
Under the law, the annual pension uprating is calculated as the average of inflation and the economy’s growth rate.
The change to the personal difference rules is also significant: under the plans set out in the draft budget, the increases will be paid without being offset against the personal difference. The measure will increase the number of pensioners who see an actual rise in their monthly payments.
The seven pension categories affected
The annual 2.8% uprating is not limited to main pensions already in payment. It will also affect the level of the national pension, new pension awards and a range of minimum and maximum pension thresholds.
In particular, according to the Athens-Macedonian News Agency (AMNA), the seven categories due to be uprated are as follows:
Main pensions payable on 31 December 2026, which will be uprated from 1 January 2027.
The national pension for new awards, currently about €446, which will rise in line with the annual uprating.
The contributory pension for new awards from 1 January 2027.
The maximum limits for main and supplementary pensions. The current maximum for a main pension is €5,362 gross, while the corresponding limit for supplementary pensions is €1,608 gross.
The minimum limits for survivors’ pensions, which currently range from about €418 to €446, as well as the minimum pension for a work-related accident or occupational disease, which stands at €893.
The basic pension paid by the former OGA, currently €418.
- Survivors’ pensions.