Initiatives for the revision of the operating framework of occupational insurance and occupational funds – which constitute the second pillar of the insurance system – were announced by the Minister of Labor and Social Affairs Kostis Hatzidakis from the podium of the third Occupational Insurance Conference.
Mr. Hatzidakis stressed that the Ministry of Labor will soon begin consulting with all stakeholders, taking advantage of the findings of the recent IOBE study on Occupational Insurance Funds (TEA). “We expect that during the year concrete and important steps will be taken for the consolidation and strengthening of the supervisory bodies”, he said, adding, among other things, that the Ministry welcomes the possibility of creating multi-employer Occupational Insurance Funds.
Regarding the issue of the tax regime of TEA, Mr. Hatzidakis stressed that “The government is against high taxation because it is a disincentive to the development of the economy. That is why it has proceeded to reduce corporate taxation, but also to reduce At the same time, we are in favor of a framework that proves to be resilient in the medium to long term, and our goal is, after a dialogue with all which make up the insurance system “.
“By reforming supplementary insurance – with the introduction of ‘individual piggy banks’ for new insured persons and the creation of TEKA-, by reducing insurance contributions and reducing non-wage costs, we are facilitating savings. And thus we are transforming the pension system in a tool of prosperity for the insured – employees and retirees – but also in a lever of economic development “, continued Mr. Hatzidakis. This is because – as he explained – “If anything was understood by everyone in the years of the memoranda, it is that the insurance system was the hole in our budget. Many saved the retirement savings as neoliberals, but after 2015, we as a whole understood how ephemeral the prosperity of loans is and how useful the national savings are to finance productive investments and development actions. “Retirement savings that supplement old-age income and support the maintenance of a high standard of living after the end of working life”
“The first pillar of the insurance system has been tormented and tormented us as a political system for a decade for this and we have been led to pension cuts,” said the Minister of Labor and Social Affairs, noting, however, that the first pillar receives strong support from the state budget. The percentage of GDP directed towards pensions should be one of the highest in the EU. “That is why we are looking to see how the other two pillars will develop in parallel. But in recent years there has been a lot of mobility, a lot of new Occupational Insurance Funds are being set up, the industry is picking up momentum. Through the very development of the economy can be supported by p “in many different ways the country’s insurance system and to increase the ability of people to save in both the second and third pillar”, concluded Mr. Hatzidakis.
Source: Capital
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