The Best of GRReporter
flag_bg flag_gr flag_gb

The return to world markets will be long and hard

13 April 2011 / 23:04:20  GRReporter
4465 reads

The other problem is that state pensions in Greece take 90% of the market in the country. According to experts, the attempted reform in 2002, when the law on the branch insurance companies was adopted, has made a fundamental error, namely that the government has made the second pillar of the insurance system mandatory, thereby duplicating the functions of the first one. At the same time, the state transferred the branch pension insurances to the relevant state pension funds, thus taking the private insurance companies and the alternative insurance funds out of the game. "We need to restructure the system. The savings should increase to cover the deficits in the state pension funds. Then, capitalized pension system should be formed in which every citizen in this country should have his or her own savings for the old ages," explained Alexandros Sarrigoergiou. The country should establish strong tax incentives by legally establishing the role of insurance companies in the branch insurance and to ensure strong supervision for the proper functioning of social security and insurance sector, so that to make the today's younger generation save for pension.

Tags: EconomyMarketsInfrastructurePrivatisationCrisisForeign debtPensionsGreece
SUPPORT US!
GRReporter’s content is brought to you for free 7 days a week by a team of highly professional journalists, translators, photographers, operators, software developers, designers. If you like and follow our work, consider whether you could support us financially with an amount at your choice.
Subscription
You can support us only once as well.
blog comments powered by Disqus