Greece Statutory and Private Employee Benefits, 2024 Update

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Greece Statutory and Private Employee Benefits Report Overview

Greece has one of the most developed and comprehensive welfare systems in the world. The Greek government provides various social insurance and assistance schemes, including insurance coverage for old age, disability, sickness, and unemployment, as well as survivors’ pensions. However, social assistance schemes are not provided to elderly people and repatriated citizens who receive other public welfare services. Greek private employers also offer various benefits to employees.

The Greece employee benefits report provides an in-depth industry analysis, information, and insights into employee benefits in Greece, including an overview of the state and compulsory benefits. The report also provides detailed information about the private benefits and insights into various central institutions responsible for the administration of the different branches of social security. Furthermore, it provides the regulatory framework for employee benefits in Greece.

Key Regulations ·       Law 1846/51 on social insurance, 1951

·       Unified Social Security Fund (EFKA)

·       Supplementary Maternity Allowance

·       Special Maternity Protection Allowance

·       Social Solidarity Income

Key State and Compulsory Benefits ·       Retirement Benefits

·       Death in Service

·       Long-Term Disability Benefits

·       Short-Term Sickness Benefits

·       Medical Benefits

Key Private Benefits ·       Retirement Benefits

·       Death Benefits

·       Medical Benefits

·       Disability Benefits

·       Accidental Death and Dismemberment Benefits

·       Other Benefits

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Greece Employee Benefits - Regulations

A few of the laws guiding employee benefits in Greece are:

  • Law 1846/51 on social insurance, 1951
  • Unified Social Security Fund (EFKA)
  • Supplementary Maternity Allowance
  • Special Maternity Protection Allowance
  • Social Solidarity Income

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Greece Employee Benefits - State and Compulsory Benefits

The key state and compulsory benefits offered by employers in Greece are retirement benefits, death in service, long-term disability benefits, short-term sickness benefits, and medical benefits among others.

Retirement Benefits: Retirement benefits are the benefits given to an employee on retirement, resignation, or retrenchment. This is a compulsory social insurance scheme funded by contributions, covering employees and providing earnings-related pensions depending on contributions and the duration of affiliation. In Greece, the pension system comprises three pillars.

  • Pillar I: compulsory social security pension system based on pay-as-you-go DB plans. The pension benefits are managed by the state.
  • Pillar II: a mandatory individual supplemental retirement account program known as the Hellenic Auxiliary Pensions Defined Contribution Fund (TEKA).
  • Pillar III: consists of the contracts signed by the individuals with the service providers and voluntary OPFs (occupational pension funds.

Greece State and Compulsory Benefits

Greece State and Compulsory Benefits

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Greece Employee Benefits - Private Benefits

The key private benefits offered by employers in Greece are retirement benefits, death benefits, medical benefits, disability benefits, accidental death and dismemberment benefits, and other benefits.

Retirement Benefits: Employers do not provide voluntary DB pension benefits to their employees in Greece. Pillar III comprises OPFs, which may be given in the form of group pension insurance or pension funds. These schemes can be established by the company, sector, or group of industries with the initiative of employees, employers, or both. To establish OPFs, an entity must have at least 100 insured people in the organization.

Greece Private Employee Benefits

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Scope

This report provides:

  • A detailed analysis of the key government-sponsored employee benefits, along with private benefits
  • An exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen’s compensation insurance, maternity and paternity benefits, family benefits, unemployment, social inclusion programs, leaves and holidays, and private benefits
  • The economic and regulatory situations related to employee benefits in Greece

Key Highlights

  • The Social Insurance Institute (IKA-ETAM), Employed Manpower Organization (OAED), Unified Fund Independent Employed (ETAA), Unified Staff Insurance Fund-Mass Media (ETAP-MME), Unified Supplementary Insurance Fund (ETEA), Labor Employment Office (OAED), National Organization for Health Services Provision (EOPYY) are responsible for the functioning of the overall social security system.
  • A person’s national insurance contribution is determined based on their income.
  • An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to a credited contribution.
  • In Greece, employers provide voluntary retirement benefits to their employees through occupational pension funds (OPFs).

Reasons to Buy

  • Make strategic decisions using in-depth information related to employee benefits in the country.
  • Assess employee benefits of the market, including state and compulsory benefits and private benefits.
  • Gain insights into the key employee benefit schemes offered by private employers in the country.
  • Gain insights into key organizations governing the employee benefits market, and their impact on companies.

Table of Contents

  • 1. Executive Summary
  • 2. Introduction

    • 2.1. What is this Report about?
    • 2.2. Definitions

  • 3. Country Statistics
  • 4. Overview of Employee Benefits in Greece
  • 5. Regulations
  • 6. State and Compulsory Benefits

    • 6.1. Retirement Benefits

      • 6.1.1. Introduction
      • 6.1.2. Eligibility
      • 6.1.3. Benefits
      • 6.1.4. Payment Options
      • 6.1.5. Contribution

    • 6.2. Death in Service

      • 6.2.1. Introduction
      • 6.2.2. Eligibility
      • 6.2.3. Benefits
      • 6.2.4. Payment Options
      • 6.2.5. Contribution

    • 6.3. Long-Term Disability Benefits

      • 6.3.1. Introduction
      • 6.3.2. Eligibility
      • 6.3.3. Benefits
      • 6.3.4. Payment Options
      • 6.3.5. Contribution

    • 6.4. Short-Term Sickness Benefits

      • 6.4.1. Introduction
      • 6.4.2. Eligibility
      • 6.4.3. Benefits
      • 6.4.4. Payment Options
      • 6.4.5. Contribution

    • 6.5. Medical Benefits

      • 6.5.1. Introduction
      • 6.5.2. Eligibility
      • 6.5.3. Benefits
      • 6.5.4. Payment Options
      • 6.5.5. Contribution

    • 6.6. Workers’ Compensation Insurance

      • 6.6.1. Introduction
      • 6.6.2. Eligibility
      • 6.6.3. Benefits
      • 6.6.4. Payment Options
      • 6.6.5. Contribution

    • 6.7. Maternity and Paternity Benefits

      • 6.7.1. Introduction
      • 6.7.2. Eligibility
      • 6.7.3. Benefits
      • 6.7.4. Payment Options
      • 6.7.5. Contribution

    • 6.8. Other Benefits

      • 6.8.1. Family Benefits
      • 6.8.2. Unemployment Benefits
      • 6.8.3. Long-Term Care Benefits
      • 6.8.4. Minimum Resources Benefits
      • 6.8.5. Leaves and Holidays

  • 7. Private Benefits

    • 7.1. Retirement Benefits
    • 7.2. Death Benefits
    • 7.3. Medical benefits
    • 7.4. Disability Benefits
    • 7.5. Accidental Death and Dismemberment Benefits
    • 7.6. Other Benefits

  • 8. About GlobalData
  • 9. Contact Us

Table

Table 1: Insurance industry definitions

Table 2: Greece—country statistics, 2023

Table 3: Greece—special allowances in the case of invalidity

Table 4: Greece—child benefits, 2024

Table 5: Greece—severance pay

Table 6: Greece—public holidays, 2024

Frequently asked questions

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