A total of 350,000 insured and 140,000 employers have so far joined the Auxiliary Capitalization Insurance Fund (TEKA), which has approximately 110-120 million euros under management, said, among other things, the Deputy Minister of Labor and Social Security, Panos Tsakloglouspeaking on ERT-First Program radio.

As Mr. Tsakloglou pointed out, “a part of the contributions that TEKA will collect will be directed to investments in the Greek economy, resulting in an increase in productivity, wages, employment and, consequently, fiscal revenues. According to existing studies, due to his investments TEKA in the Greek economyover a 50-year period, the GDP will be approximately 7% higher than it would be without these investments.”

Regarding the pending pensions, the Deputy Minister of Labor noted that, based on his latest available data EFKA, the overdue main pensions amount to about 23,000, including those pending in court. As he underlined, not only the number of pending pensions has decreased, but also the average time of their awarding.

In fact, Mr. Tsakloglou mentioned that progress is being observed in the awarding of both supplementary pensions, as well as pending parallel pensions and one-off pensions, while recently many retroactive pensions were also given, which had not been recalculated.

In a question about the sustainability of the insurance system, the Deputy Minister of Labour answered the following: “Every time a change is made in our pension system, a new actuarial study is prepared, while on a regular basis, such studies are prepared every three years. These studies show that if we keep the existing rules, our system is sustainable. Also, the pension expenditure as a percentage of the GDP is gradually decreasing, while a decrease in the contribution of the state, i.e. the state budget, to the insurance system is also expected”.