The same winners will come out of the new framework for Occupational Insurance, both employees and businesses, according to the people of the Ministry of Labour, as the aim of the bill is to improve the existing framework of occupational insurance, to make it simpler, more functional, more protective and more attractive.
«With the new regulations, we allow workers additional pension protection. We make businesses more competitive by giving them the possibility of additional benefits and incentives, which will help them attract new and maintain their existing human resources.», said the Minister for Labour and Social Security Niki Kerameos.
As explained by the Ministry's staff, the new framework strengthens pension income for insured persons, while facilitating access to supplementary pension protection, protects and enables the portability of guaranteed rights and protects freelancers. In fact, they note that it provides more transparency and better information on the course of their investment and enables additional benefits.
On the other hand, there is a need for greater transparency. Enterprise, the new bill gives incentives to attract and maintain workers, provides the possibility of employer provision through collective contract and strengthens employeebranding and corporate social responsibility.
Furthermore, it enables investment funds and capital-investment aid to be managed and makes the framework for smaller companies which have to date been difficult to use professional insurance more functional.
The three major changes
1. Open Occupational Insurance Funds
The new framework introduced the logic of the Open Occupational Insurance Funds, which aims to facilitate the access of smaller businesses and free professionals to occupational insurance.
This is a change that will allow small businesses with a limited number of employees, for which it is difficult to create an independent Occupational Insurance Fund, to join an organised category.
2. Calculation of the tax framework
The rationalization of the tax framework improves tax incentives, by decoupling from insurance years and linking to the age of the insured person, in a simpler and more functional way.
At the same time, the tax penalty for workers who decide to enter occupational insurance at an older age is abolished.
3. Rights portability
The full portability of the rights of the insured persons is intended to protect them so that the change of work or occupational status does not lead to loss or weakening of guaranteed rights.
A worker who changes work will be able to transfer his registered rights more easily to a new occupational insurance institution.
At the same time, group portability is introduced, as the possibility of transferring entire pension schemes from TEA to TEA, from TEA to POA, from OADE to TEA and from OADE to OADE is established.
In addition, mobility in the labour market is facilitated by the introduction of individual portability. Portability is combined with strong supervisory barriers to the protection of insured persons exercised by the Bank of Greece, so that the enhancement of flexibility is accompanied by a corresponding strengthening of the protection of insured persons.
The bill on the subject «Strengthening occupational insurance: more opportunities for workers and businesses, extending supplementary pension savings options»It is posted to the e-mail address (clicks here)and will remain in consultation until 27 July 2026.
