The process of registering more and more insured persons in the Supplementary Capital Insurance Fund (TEKA) is underway, while, with a provision of the new bill of the Ministry of Labor and Social Security, the extension of the deadline for voluntary transition from the supplementary insurance branch of e-EFKA at TEKA.

Already, for two years, new entrants to the labor market, regardless of age, with an obligation to be covered by the supplementary insurance, have joined the TEKA.

At the same time, those already insured in the supplementary branch of e-EFKA, as long as they were born from 1/1/1987 onwards, who wish to switch from e-EFKA to TEKA, have acquired the right to be included in the supplementary insurance of TEKA.

With the passing of the new regulation of the Ministry of Labour, the specific category of insured persons will be able to exercise their right to be included in the TEKA insurance until December 31, 2024, instead of the originally scheduled 31/12/2023, by submitting application at be.teka.gov.gr “Platform 1”.

In this context, the Ministry of Labor intends to implement a communication campaign, which it is currently preparing, with the main concern of properly informing young people about TEKA, as well as about the benefits they can obtain by joining it, such as the control of their savings and the direct funding of their pension.

Also, the self-employed insured (self-employed health workers, farmers and freelancers), who do not have an obligation to belong to the ancillary sector, can submit an application at be.teka.gov.gr “Platforma 2”, without time limit, as long as they were born from 1/1/1987 onwards.

Based on the latest available data, the insured persons of TEKA have reached 310,000 and the funds accumulated from their contributions are in the order of 91 million euros.

The new supplementary insurance system, which is already implemented, is of a capitalization nature. This means that the employees’ contributions are saved in their “individual piggy bank”, in which the insurance contributions paid by the employer for the employees or by themselves, if they are self-employed, are recorded. The total contributions, as well as the investment returns, which correspond to their invested contributions, create a reserve from which their future pensions will be paid, instead of their contributions being used to pay the supplementary pensions of current retirees .

Therefore, when the insured reaches the retirement phase, he will receive his supplementary pension, which will be based on the amount of his contributions and the performance of his investments.

In fact, it is clarified that the pensions of existing pensioners are not affected and the method of calculating the supplementary pensions of current employees, who remain in the existing supplementary insurance system, will be maintained as it is.

According to the Ministry of Labour, with this reform, the risks of the insurance system resulting from the demographic aging of the population are limited, the economic development process is boosted, young people’s trust in the social security system is restored, strong disincentives for uninsured work are created and higher supplementary pensions are ensured for young people.

In addition, policyholders can access their “personal piggy bank” information at any time through their computer or mobile phone screen, as the myTEKA app is now available.

Specifically, through the myteka.gov.gr electronic platform, personalized information is provided and, with the push of a button, the insured are informed of all the contributions that have been paid, the history of their contributions, the movement of their individual account, the returns on their investments and ways of communicating with the Fund, while the platform also collects frequently asked questions that arise.