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10 Countries Paying People to Retire

These countries have the most generous public pensions

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#1: Greece

  • Pension Replacement Rate: 95.7%
  • Male/Female Retirement Age: 57/57
  • Male/Female Life Expectancy: 80.9/ 84.2
  • Sovereign Debt as percentage of GDP: 147.8%
  • Employment Rate: 58.5%

Greece’s public employees get a pretty sweet deal. They get to enjoy nearly a full salary for life beginning at age 57, the earliest retirement age of all countries except for Turkey. After figuring in tax deductions, the replacement rate for those making the median income is 111.2%, the only country with net replacement rates above 100% for that income level. Since both men and women are expected to live into their 80s, the government is on the hook for a lot as evidenced by the 13.6% of GDP that is spent on public pensions — more than all countries in the OECD except for three. Government spending in Greece has definitely taken its toll. The country has $147.80 of debt for every $100 in GDP, a higher ratio than any other country on the list by a long shot.

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