The consequences that the demographic collapse will bring to Greece in the coming years and the possible ways to curb the phenomenon through public and private initiatives were discussed among stakeholders, economists, and legal experts during the 10th Delphi Economic Forum, taking place in Delphi from April 9 to 12.

The conversation was initiated by Eirini Andriopoulou, Head of the Unit of Experts for Employment, Social Security, Welfare, and Social Affairs, who presented some interesting statistics. For example, over the last decade, there has been a 10% increase in those over 65 and a 24% increase in those over 80, while at the same time, the country’s population has decreased by 6%. She also noted that the overall population decline in Greece by 2070 is estimated to approach 25%. In presenting these figures, she stressed that the major challenge is to avoid backsliding on reforms that ensure sustainability in the coming years, while it is also critical to maintain the adequacy of pensions.

On his part, Panos Tsakloglou, former Deputy Minister of Labor and Social Security (2023–2025) and Professor at the Athens University of Economics and Business, stated that the issue is not only the adequacy of pensions, but whether the system can afford to give more money to insured individuals. He added that Greece reached bankruptcy largely due to its pension system, even before the demographic consequences became apparent. According to him, almost all European countries face similar problems, taking a series of measures ranging from reducing early retirements to building capital-based pension pillars. He further noted that pension spending is gradually decreasing because instead of supplementary pensions, capital-funded pensions are being introduced. Despite the cuts that have taken place, the average pension in Greece remains the highest in the European Union.

However, as he concluded in his remarks:
“If the new generation decides it doesn’t want to have children, future pensions will be zero.”

NN Hellas Chair and CEO, Filippa Michaili, spoke about the actions a modern citizen can take early on to be financially secure at retirement age. According to her statements, “The demographic problem is real and growing. The issue is not just that people will live longer in the future, but what the quality of that life will be.” She added that, according to research, most older citizens envision a retirement in which they remain active—traveling, making use of their time—thus requiring more financial resources.

In this context, she noted the importance of cultivating a savings culture among Greeks from a young age, something that tax incentives could support. Equally important is the role of modern insurance products and new services tailored to their needs. “This challenge has already led to changes, but there is still much more to be done. People need allies at every stage of life to ensure a better quality of living.”

In his own address, Alpha Bank’s Chief Economist, Kostis Kapopoulos, argued that long-term solutions are needed for the sustainability of the pension system, which also depends on the pace of economic growth in the coming decades. The key factors for this growth, he said, are labor and the quality of capital, which are interdependent. He pointed out that Greece’s employment rate is significantly lower than the EU average, despite Greeks working more hours than other Europeans—a situation that needs to change.

Another major reform area he identified is reducing the non-wage labor cost, especially the tax burden on employers, even if it means cutting insurance contributions. He also stressed the need to combat undeclared work. Additionally, he emphasized the importance of business extroversion, not only in countries with Greek diaspora but also in new markets like India and China.

From a legal perspective, Professor of Law at the National and Kapodistrian University of Athens, Patrina Paparrigopoulou, stated that the Greek Constitution links social security to employment, treating the three worker categories—employees, self-employed, and public servants—differently. She argued for a fairer approach in the future, noting that while some steps like the TEKA fund have been taken, more continuity is needed. This includes promoting individual responsibility and private insurance, before the current model becomes unsustainable and exerts even more pressure on the demographic issue.
“I’m not convinced that the current system can lead us to intergenerational justice,” she concluded.

The discussion was moderated by Professor Alexandra Tragaki, Professor of Economic Demography at Harokopio University.