Faced with two bets is the Insurance Fund ( ), which organized yesterday (13.03. 24) to which Prime Minister Kyriakos Mitsotakis spoke. TEKA’s first bet is about attracting new insured persons, especially those born after 1 January 1987, i.e. those who are currently up to 37 years old. The second bet is the most efficient and secure investment of contributions that are concentrated on the individual insurance funds of the insured persons. As regards the first bet, the law initially provided for voluntary insurance until 31 December 2023 of those born after 1 January 1987. However, the extremely low ‘entry’ of this class of TCA insured ‘imposed’ the extension of that period by one year. Thus, persons insured up to 37 years of age may be transferred from the subsidiary insurance sector voluntarily to TEKA by 31 December 2024. In this respect, the TCA shall launch a campaign to inform the insured persons in order to persuade them to be insured in that fund. The second bet relates to investments in the contributions of the individual insurance “coupons” aimed at future supplementary pensions (from TEKA), much higher than those of the subsidiary branch of the IFCA. The initial programming of the TEKA provided for the formation of a defined investment product (default) within 2023, but which received a “silent” extension for this year, I am told that the first investments in shares and bonds will “run” from June of this year. Meanwhile, since 2022 the contributions of the insured (basically those who have been insured since 1 January 2022, who are required to join TEKA) have been saved in the Bank of Greece’s Common Capital, but with very low returns. This situation, however, is planned to change to three months from now, with the investments of contributions – not necessarily of all of them (as there is no way that part of them will remain at the Bank of Greece) – go by a very large percentage – although not by majority, according to the latest information from newsit.gr – in Greek bonds and Greek shares. The other part, which will form the majority ‘package’ of reserves in individual insurance funds will be invested in international securities (bonds, shares). In particular, in relation to investments in Greek securities high returns are expected, at least over the next 2 years, according to the same sources, while increasing liquidity in the Greek capital market, which is a great demand for the further development of the Greek economy, especially in the current conditions of high interest rates (due to the ECB’s interest rate increases). Therefore, as the same sources point out, the more insured persons who have been born since 1987 are voluntarily transferred to the TIF (from the ASI branch) the more funds can be invested in Greek shares and thus in the real economy resulting in its growth, higher employment, higher wages, higher revenues in the funds (from contributions) and higher – future – pensions. Openly, however, it expects the shares of which companies to invest the “coffers” of TEKA, with the scenarios that fall on the table predict infrastructure companies or other smaller emerging businesses.
The double bet of the new assistant to the economy today and pensions tomorrow
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