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.
- The Fund have requested a declaration for the period of January to September 2015 by 20 October, and a payment for January to June 2015 by 31 October.
Given the information currently available, your legal department should decide whether you submit the declarations and make the payment.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.