Covid recession bumped pension spending to 18 pct of GDP in 2020

Economy Tags: Pensions
Photo by Panayotis Tzamaros/Fosphotos
Photo by Panayotis Tzamaros/Fosphotos

Total age-related expenditure amounted to 26.4 percent of gross domestic product last year, according to figures in the Finance Ministry’s Stability Programme.

Pension spending rose to 18 percent of gross domestic product in 2020 as the economy shrank and various court decisions cancelled prior cuts, leading to backpay for hundreds of thousands of pensioners.

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