Labor Advisory Board discusses pension system reform and social insurance fund

On Monday, the Labor Advisory Board met under the chairmanship of Minister of Labor and Social Insurance Marinos Mousiouttas to address pension system reforms. The meeting focused on the investment policy of the Social Insurance Fund (TKA) and the second pillar involving Provident Funds. The Minister announced that an agreement has been reached to terminate state borrowing from the TKA, a debt which currently stands at 12 billion euros. Furthermore, a technical committee is being established to evaluate the structure and management of the second pillar. The government plans to provide formal responses to social partners' questions regarding the first pillar during the next meeting scheduled for May 4. At that time, the Ministry will also present the finalized investment policy for the TKA. The discussions aim to ensure a collective approach to the development of the second pension pillar. All stakeholders are actively participating in the ongoing dialogue regarding debt management and long-term pension sustainability.