In Greece, the average earner receives 110.4 percent of his average net income (after taxes) back. The normal pension age for people is 65, but to be eligible for a pension at this age, a person must have contributed to the pension system for at least 15 years. If a person has contributed money for 37 years, he is free to retire with a pension regardless of whether he has reached 65. The average pension is EUR 23,000 a year (about $28,900 a year), or 27.1 percent of average earnings. Pension spending is 11.5 percent of annual GDP, the highest in the EU. [Editor's note: All figures date to 2009, prior to pension reform in 2010].
Greeks have staged protests, some which turned violent, several times since May, when the government announced a plan to cut pension benefits, raise the retirement age and raise the contribution requirement. The plan was part of a series of austerity measures that were demanded in exchange for a bailout of the Greek economy.
Source: OECD (2009), Pensions at a Glance 2009: Retirement-Income Systems in OECD Countries
