Initiatives to review the operating framework of occupational insurance and occupational funds, which are its second pillar insurance systemannounced the Minister of Labor and Social Affairs, Kostis Hatzidakisfrom the podium of the third Occupational Insurance Conference.
Mr. Hatzidakis stressed that Ministry of Labour will start soon consultation with all involved carriers, utilizing 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, among other things, adding that the ministry also welcomes the possibility of creating multi-employer Occupational Insurance Funds.
Regarding the issue of the tax status of TEA, Mr. Hatzidakis He stressed: “The government is against big 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 insurance contributions. At the same time, we are in favor of a framework that proves to be resilient in the medium to long term. “Our goal is, after dialogue with all stakeholders, to be led to a system that will provide incentives for savings, with justice and balance between all the pillars that make up the insurance system.”
“With the reform of auxiliary insurance – with the introduction of “individual piggy banks” for the new insured and the creation of TEKA -, by reducing insurance contributions and reducing non-wage costs, we facilitate savings and thus transform the pension system into a tool of prosperity for the insured – workers and retirees – but also at the lever of economic growth “, 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.” And while the employee / pensioner relationship has been deteriorating for decades and our demographic problem has been exacerbated, many have cast spells on retirement savings as neoliberal. After 2015, however, we as a whole understood as a society how ephemeral is the prosperity that is built with loans and how useful is the national savings that finances productive investments and development actions. “How useful is personal savings and retirement savings, which supplement the income of the elderly and support the maintenance of a high standard of living after the end of working life.”
“THE first pillar of insurance system “It has tortured and tortured us as a political system for a decade, which is why 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, with a percentage of GDP in pensions to be one of the largest in the EU. “That is why we are looking to see how the other two pillars will develop in parallel. We are tails between European countries in terms of GDP savings, tails in the development of the second pillar. But in recent years, there is a lot of mobility, many new Occupational Insurance Funds are being set up, the industry is accelerating. It is not a coincidence, but a reflection of the acceleration of growth and investment, as our government has won the bet of trust and security. “Through the development of the economy itself, the country’s insurance system can be supported in many different ways and the ability of people to save in both the second and third pillars can be increased”, concluded Mr. Hatzidakis.
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