The Growing Cost Burden for an Aging Greece


 
The size of Greece’s working-age population has been dwindling over recent years, like in many EU countries, due to its fertility rate being sub-replacement for multiple decades [subscriber only: The EU Faces Serious Depopulation, Starting Now]. The Greek workforce is estimated to contract by nearly 10% from now to 2050. And as retirees live increasingly longer, and there are fewer working-age taxpayers to support them, a generational tax burden is emerging.

Number of Workers to each Dependent (65+) in Greece and across the EU
The working-age population represents those aged 15 to 64. Period: 1950-2050.
The Growing Cost Burden for an Aging Greece




Note: The EU average is calculated by summing the number of workers to dependents in each EU country and then dividing by the total number of countries (27).


Greece’s workforce will continue to shrink unless unpopular policies, such as allowing mass immigration or sharply rising the retirement age, are employed [subscriber only: Without Migration the Workforce of Many Countries will Dramatically Shrink]. This demographic trend will become increasingly unsustainable, because the 65+ cohort cost Governments more than any other age group [subscriber only: ‘The Alarming Cost of Aging Demographics’]. In 2022, the Greek government spent the vast majority of its social protection expenditure on old age – mainly constituted by expensive pensions. This is leading to an unsustainable generational tax burden on the workforce.

More for subscribers:  
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