Extremely favorable for her support professional insurance in Greece the Deputy Minister of Labor and Social Protection described the current situation Panos Tsaklogluin a message he addressed during his 4th Professional Insurance Conferencesimultaneously announcing changes in the institutional structure.

According to the deputy minister, the goal of the ministry is to make insurance a tool for prosperity and development by strengthening national pension savings. Operation Professional Insurance Funds (TEA), whose growth in recent years has been impressive. “Over the past four years, the number of TEAs has more than doubled, as has the number of their members,” he stressed. This was done, according to Mr. Tsacloglu, because:

– There was a significant reduction in social security contributions, which contributed to the increase in household income.

– The reduction in contributions leads to a significant reduction in non-wage costs of enterprises, which is a permanent structural obstacle to the development of the 2nd level.

“In the midst of difficult times, the goal of creating more jobs with better pay has been met. Thus, the wind of development of optimism permeates the entire economy.

Of course, according to the deputy minister, despite the increase, we are still at the beginning of the road, as a result of which professional insurance shows a huge lag behind the average European one. With a view to healthy and sustainable development of the sector, the Ministry of Labor, according to the Deputy Minister, is planning legislative interventions in the institutional framework for the organization and operation of professional funds.

In fact, Mr. Tsakloglu, while acknowledging that the speeches had been delayed, as pointed out by almost all conference participants, described the structure of the changes being promoted, aimed at simplifying and accelerating the procedures for creating TEAs, introducing model regulation and facilitating the creation of funds with the participation of several employers.

As emphasized by Mr. Tsakloglow, these measures will increase transparency and accountability, protect the rights and promote information of the insured, increase the portability of insurance rights, and allow TEA to provide investment profile options as well as life cycle products.