Our Managing Director in Athens provides an update to insurance
companies on their obligations to the Greek TEA EAPAE.
As previously announced, the requirement for insurers to make a
contribution to the Greek TEA EAPAE (Pension Fund) was abolished by
law 4254/2014 as of 1 January 2015.
Following this development the Fund appealed to the Government
concerning this decision. TMF Group has been informed by the TEA
EAPAE department that there is an agreement between the Association
of the Greek Insurance companies and the TEA EAPAE regarding
"new" contribution rates with a 40% reduction
(effectively the old 1% contribution becoming 0.6%, the 2%
contribution becoming 1.2%).
The Minister of Labour and Social Security approved the changes
and this decision has been published in the National Gazette. No
law has been published that either cancels the previous one or
imposes contributions to the TEA EAPAE.
