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Greek professional insurance reform advances

Updated 5 times since CLSTR started tracking revisions of this situation.

What changed

2026-07-31 15:07 UTC → 2026-08-27 15:38 UTC · added removed

In late July 2026 2026, Greece’s Ministry of Labour and Social Security moved the professional‑insurance‑funds advanced a reform forward. On 28 July to modernize the second pillar of the pension system. The draft bill creating bill, which introduces Open Professional Insurance Funds (ΤΕΑ) (TEA) and open‑group open-group pension products (OAPES) (OAPES), was submitted to Parliament. It modernises the second pillar of Parliament on 28 July. The reform aims to broaden access for employees, freelancers, and small enterprises by removing the pension system, makes previous requirement that an autonomous fund must have at least 100 insured members. Key provisions include making contributions fully tax‑deductible, tax-deductible, with tax credits ranging from 9% to 44%. The bill raises the contribution ceiling to €35,000 for freelancers and 35 % 35% of earnings for salaried workers, and workers. It also introduces age‑based age-based taxation on benefits (10 %/5 % benefits: a 10% levy on lump-sum payments and 5% on pensions for exits aged 62‑67, 62–67, which is halved after 67). age 67. Rights are portable across employment changes changes, and supervision shifts to the Bank of Greece. On 30 July the Ministry presented Greece will assume supervisory duties. By late August, Deputy Minister Anna Efthymiou noted that the draft bill is fully aligned with tax‑break incentives: contributions earn a tax credit of 9 %‑44 % EU law and are invested in mixed mutual‑fund vehicles, aiming incorporates over 90% of proposals from social partners. The reform seeks to counter address a projected average pension drop in average pensions below €900. PASOK spokesperson Pavlos Chrysidis stressed that €900 and improve system reliability for younger generations. While the voluntary second pillar complements, not replaces, complements the public first pillar, citing similar schemes in the Netherlands, Denmark, Sweden and France. The following day Deputy Minister Anna Efthymiou introduced the proposal to the Parliament’s Permanent Committee on Social Issues, noting that fewer than 5 % of the labour force and about 1 % of GDP are currently covered by professional insurance funds. She outlined three goals: remedy existing shortcomings, broaden access for employees, freelancers and self‑employed workers, and improve the system’s reliability it also creates a new market for younger generations. The Bank of Greece will assume supervisory duties. The bill is expected banks to be debated in the Social Affairs Committee provide asset management, custody, and passed during the summer legislative session, paving the way digital services for a near‑term rollout of the expanded pension options. resulting long-term savings pools.

Versions

  1. 2026-08-27 15:38 UTC Greek professional insurance reform advances
  2. 2026-07-31 15:07 UTC Greek professional insurance reform advances
  3. 2026-07-31 06:04 UTC Greek professional insurance reform advances
  4. 2026-07-30 13:15 UTC Greek professional insurance reform advances
  5. 2026-07-29 08:50 UTC Greek professional insurance reform
  6. 2026-07-29 08:32 UTC Greek professional insurance reform

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