Greece adds optional second pension for public sector workers

A new amendment (article 41 of the recent gender‑pay‑equality law) creates an optional second‑pension scheme for thousands of Greek public‑sector employees who were previously excluded from supplementary insurance. Eligible workers can choose between the traditional e‑EFKA system and the newly established TEKA (Supplementary Capitalisation Pension Fund). The choice depends on the employee’s birth year: those born on or before 31 December 1986 may apply to e‑EFKA, while those born from 1 January 1987 onward are directed to TEKA, which operates on a capital‑accumulation basis.

In parallel, transitional provisions allow certain insured persons to retire up to 8.5 years before the standard retirement age of 62 or 67. The early‑exit rules apply to individuals insured before 1 January 1993 who met specific conditions by the end of 2012, including former IKA members, public‑sector staff, former DEKO and bank pension funds, workers in heavy or unsanitary occupations, and mothers with minor children who have at least 5,500 days of contributions. These beneficiaries can retire as early as age 58½ under the transitional criteria.