ings are equal to the average monthly amount
earned by persons entering the workforce after
May 13, 2016, throughout their entire working
life. All persons that entered the workforce
prior to this date and will retire in accordance
with the provisions of Law 4387/2016 after this
date will receive a contributory pension equal
to their average monthly earnings since 2002.
For example, a worker who will retire in 2017,
after 35 years of work, will receive the 384
euros of the national pension plus the amount
of the contributory pension. For 35 years of
work, the replacement ratio has been set at
Trade with Greece
88
33.81% of average monthly earnings since
2002. If average earnings are equal to 1,500
euros, this worker will receive 507 euros as a
contributory pension on top of the 384 euros of
the National Pension, thus collecting a total
pension of 891 euros. This amount is subject
to a 6% deduction for health benefits and
taxes.
4. Established income-based contributions.
Under the new system, social security contri-
butions are calculated on the basis of net (tax-
able) earnings and cover all persons with
incomes from non-salaried work, i.e. freelance
