Plans for universal 20% main pension contribution

3 November 2015
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The Ministry of Labor, Social Insurance and Social Solidarity is considering setting the monthly contributions for main pensions to 20%, similar to the way IKA operates, while increasing the contributions of sectors which have been reduced.

In the case of IKA pensions, employers pay 13.33% of the monthly contributions, while the policy holder paid in the remaining 6.67%. According to the plan, this 20% system would apply to main pensions for the self-employed, scientists and (gradually) farmers.

The main difference however would be that there will be two compulsory insurance premiums (a low and a high one), which will be associated to the policy-holder’s real income.

The Ministry’s ambitious plan, which will be presented to the country’s creditors, was developed within the framework of establishing ‘universal rules’ on pension contributions and benefits.

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