myTEKA: How the “personal piggy bank” works for supplementary insurance – Watch video

“Today, we are giving flesh and blood to the control that a young person has over their individual piggy bank. All those electronic tools are gradually being created that allow the young man to see at any time how things are developing in his individual piggy bank in relation to his supplementary pension”, underlined the Minister of Labor and Social Affairs, Kostis Hatzidakisduring today’s presentation of his new application Fund of Auxiliary Capitalization Insurance (TEKA).

As he said, “more than 102,000 of our young fellow citizens have registered with TEKA over the last few months, which means that since registration of first-time workers is mandatory, 102,000 young people have found work for the first time since January 2022 and that’s not even counting all the self-employed.”

The Minister of State and Digital Governance, Kyriakos Pierrakakis, during his presentation, emphasized that, “with myTEKA, Greece is taking an important step towards the digitization of insurance services and, in particular, a key sector, supplementary insurance for young people”. In addition, he added that today we are implementing what, a few years ago, seemed very distant: “every news and every young person can immediately and in real time have a complete picture of their supplementary insurance”.

As stated in a joint announcement by the Ministries of Labor and Digital Governance, the development of myTEKA is another step in the direction of better information and service to the insured. The online platform provides complete information on contributions and the progress of their savings. Insureds gradually gain control over their supplementary pension and see where their contributions are actually collected and invested.

It is an innovative application that provides personalized information to citizens.

At a glance, the insured is informed of:

• the total of contributions paid by him and/or his employer,
• the profit from the returns on his investments,
• the contribution history and
• the account transaction.

myteka.gov.gr is currently available for self-employed people, while, by the end of 2022, it will be available for all insured persons who have joined TEKA. The new service is also accessible, via gov.gr, in the “Employment and insurance” section and the “Retirement” sub-section. In the spring of 2023, the myTEKA mobile app will also be available. In addition, from 2023 the development of investments will be visible.

At the event for the presentation of the web application myteka.gov.gr, developed by the Ministry of Labor, with the assistance of G.G. Simplifying the procedures of the Ministry of Digital Governance, the Minister of State and Digital Governance, Kyriakos Pierrakakis, the Deputy Minister of Labor and Social Affairs, Panos Tsakloglou, the Secretary General of Social Insurance and president of the temporary Steering Committee of TEKA, Paulina Karasiotou and the Secretary General of Digital of Governance and Process Simplification, Leonidas Christopoulos.

The Minister of Labor and Social Affairs, Kostis Hatzidakis, underlined that the TEKA embodies a basic reform of the government regarding supplementary insurance. “With the new system we have three positive news: First, we are adapting to what applies in advanced European countries for supplementary pensions. With the reform that we are implementing, we are giving the possibility to young insured people – because the new system includes those who get a job for the first time and from 2023 young people up to 35 years of age will also join, if they wish – to have control over their pension . The money does not go into a big coffer managed by the state. There is an individual account that the new insured can monitor and see how their savings are developing in relation to their supplementary pension. In this way, we give greater freedoms to young people. No one else takes care of them, without them,” noted Mr. Hatzidakis.

Secondly, the minister also emphasized that the number of new insured persons who have registered with TEKA since the beginning of the year exceeded the ministry’s expectations. As he said, “in the period January-September 2022, 102,000 new workers were registered who entered the labor market for the first time, in Greece coming out of a ten-year crisis. This is proof that something positive is happening in the economy and employment, as far as young Greeks are concerned.”

Thirdly, Mr. Hatzidakis pointed out, “we are using, for the new TEKA fund, a modern digital tool, which allows young people to control their savings. In other words, we are expanding the use of new technologies in the State”.

For his part, the Minister of State and Digital Governance, Kyriakos Pierrakakis, said: “With myTEKA, Greece is taking an important step towards the digitization of insurance services and, in particular, a key sector, youth supplementary insurance. Today, we are realizing what, a few years ago, seemed very distant: every new and every young person can immediately and in real time have a complete picture of their supplementary insurance. myTEKA is already accessible from gov.gr and from the spring of 2023 the application for mobile phones will also be available, acting as a tool for transparency and strengthening the trust of the insured towards the insurance company. We are very happy that as the Ministry of Digital Governance we are helping the tremendous work being done in the Ministry of Labor and Social Affairs. Every day, with each new initiative we implement, we apply in the field what is valid everywhere: that is, that the future of social security is digital”.

During his installation, the Deputy Minister of Labor and Social Affairs, Panos Tsakloglou, said: “One year after the passing of Law 4826/2021, which introduced the supplementary capitalized insurance in our social insurance system, the new Fund, TEKA already has over 100,000 insured, due to the higher than expected performance of the economy and the rapid reducing unemployment. As the Fund grows every day at all levels, today we present myTEKA”.

The General Secretary of Social Insurance and president of the temporary Steering Committee of TEKA, Paulina Karasiotou, noted: “From the first moment of operation of the capitalized supplementary insurance for young people, we committed ourselves to a Fund with a modern face and use of new technologies. myTEKA, the online personalized information platform, is the realization of this commitment. It is the mirror of the new subsidiary, offering the insured transparency and control over his contributions, his investments and his individual account in general. It is a way in which the Fund is accountable to the insured.

Today, we are announcing access to myTEKA for the self-employed. Employees will have access until the end of 2022, while in the spring of 2023 the mobile app will be available. The platform will be constantly enriched with new, user-friendly functions, always with a focus on serving them.”

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