For many, this is … a golden passport for retirement. it’s about her redemption of notional yearsfor example, time for research, insurance gaps but also military service menwhich is still valid, for private and public sector employees at a price of 20% of current wages.

Actually, as I found out Ministry of Labor, for all e-EFKA insured persons, an application for the recognition of fictitious years of insurance can be submitted at any time, before or after the year, the conditions of which they wish to provide. In practice, this means that the time that the insured person asks to indicate in his application can refer to any previous year in order to establish or even guarantee the conditions of retirement applicable at that time.

In particular, there are three ways in which stakeholders can buy fictitious years in order to create the necessary conditions and retire with better conditions. Lump sum, in installments or with deduction of pension. Experts note that the acquisition can and should be done immediately before retirement, since only then can the insured really know how many years he has to redeem and how much. In the state, it is allowed to redeem 7 fictitious years from the army, study, etc., and an additional up to 5 years at the expense of children (for 3 children), and in the private sector only up to 7 fictitious years. recognized.

The corresponding application may be submitted to the competent EFKA services at any time, before or after the year for which the insured person wishes to provide conditions, even at the same time as the application for retirement, but in no case after the date of the said application or even at a later date. time than when the insured person became a pensioner (if the retirement criterion is not the time of application for a pension).

However, it should be noted here that in the private sector, the use of fictitious years cannot be used only to increase pensions. If, in other words, the policyholder does not redeem fictitious years to establish the insurance period, the money paid for fictitious recognition cannot be used and not returned.

Those insured who have not completed the minimum required insurance period are entitled to a pension by paying off fictitious years. Redemption can be made once, within three months after notification of the recognition decision, at a 2% discount for each year of redemption.

In case the insured decides to stop the benefits, they will be determined according to the number of recognized months.

Finally, the insured may claim the repayment of the years purchased, with a 25% deduction from the pension, until the amount due is paid.

In the state, the buyout cost for those who apply today is 20% of their salary. Of course, those who applied before 2021 will complete the acquisition at the cost in effect in the year of application.

In the private sector, most often it concerns those who want to live to 40 and live to 62 in 2-4 fictitious years.

In the private sector, the most common case of foreclosure is for those with multi-year insurance who want 2-4 conditional years to reach age 40 and retire at age 62.

In the state, conditional years are useful mainly for those between the ages of 55 and 62 who wish to establish eligibility under the 35-year age provisions.

Under a recent law and the subsequent EFKA circular, insured persons who turn 67 by December 31, 2022 were granted the right to recognize up to 150 days of insurance or 6 months to establish the right to full retirement pension. The purchase of fictitious time is made with a lump sum payment of insurance and employer contributions, based on the current daily wage of an unskilled worker. The beneficiaries are all insured persons in the former social security institutions (SSO) who have joined the e-EFKA. In aggregate, the following conditions shall apply to beneficiaries:

• Be at least 67 years of age on 12/31/2022.

• Carry out a total of 4,350 to 4,499 days of actual insurance in the aggregate at one or more of the former e-EFKA affiliated institutions.

• For permanent layoffs and de facto or additional insurance.

• Have not applied for retirement.

• Not retired from any source in Greece or abroad.

• Not eligible for a pension for any reason.

• Do not recognize more than 5 years of fictitious insurance experience.