Establishing a pension right in Greece means that both the minimum insurance days and the age required by pension legislation have been fulfilled at the same time. From the date on which these conditions are fulfilled, the pension right may be exercised with a retirement application in order to receive the pension.
The basic pension comprises two parts the national pension (non-contributory) and the supplementary pension (contributory). The national pension is not funded by contributions that had been paid throughout the years but directly from the state budget,. Today it is set at 384 euros per month and is paid in full if at least 20 years of insurance have been completed. The amount of the national pension shall be reduced by 2% for each year of insurance remaining less than 20 years, if at least 15 years of insurance have been completed. The supplementary pension is calculated on the basis of the income from which contributions for pension were paid to the State from the year 2002 up to the month in which the person receiving the pension applies for it. For its calculation the supplementary pension is also multiplied by a pre-fixed percentage per year.
In order to receive a full pension, the applicant also needs to have reached the age of 67 and at the same time to have completed 15 years of insurance or 4,500 days of insurance instead of 15 years. One is also entitled to receive a full pension even if he has not reached yet the age of 67, if they have reached the age of 62 and have completed 40 years of insurance, or 12,000 days of insurance.
If one does not meet the aforementioned criteria they may be entitled to a reduced pension. The person who wishes to do so needs to have reached the age of 62 and to have completed at least 4,500 days of insurance. People entitled to receive an early reduced pension are the mothers of a minor or a disabled child who have been insured for the first time after 1/1/1993 and have completed at least 20 years of insurance. Furthermore, the same right is reserved by those who have been insured for the first time before 1/1/1993, have reached the 62nd year of their age and have completed 12,000 days of insurance, of which 100 were completed per year in the 5-year period preceding pension. Finally, this pension is also provided by request to those who were insured for the first time before 1/1/1993, are 62 years old, and have completed 35 years of insurance or 10,500 insurance days out of which 7,500 in heavy and unhealthy work.