Greece launches new auxiliary insurance funds for public workers and bank employees

The National Bank of Greece introduced the TEAETE professional insurance fund, aiming to replace the previous TAPETE scheme with a two‑track system that guarantees a lump‑sum payment and creates individual capitalised accounts for staff. The bank says the move strengthens employee benefits and aligns with European regulatory standards.

At the same time, a draft law from the Ministry of Labour proposes optional participation for thousands of civil servants and other public‑sector employees in either the e‑EFKA supplementary scheme or the new TEKA capitalised pension fund, depending on birth year. The proposal also adds a transitional option for workers over 47, allowing them to choose between the two systems until the end of 2026. These reforms extend auxiliary pension coverage to public‑sector staff who previously had none.