The new Unified Regulation of Benefits and Insurance of the National Social Security Fund (EFKA) are to be signed by Labor Minister Domna Michailidou within 2024. The goal is to achieve parity between the higher and lower benefits of the funds that have been integrated into EFKA.
As a result a series of benefits will need to be cut, particularly in terms of the monetary support currently provided by the organization.
Benefits such as sickness, maternity, workplace accidents, and disability are under scrutiny as the objective is to establish uniform regulations for monetary benefits across all funds integrated into EFKA. With the latest insurance bill, rules for supplementary pension benefits were essentially harmonized, however, monetary benefits, such as funeral allowance, are still provided under the rules of the former fund to which each insured person belonged.
The aim is to create a unified regulation regarding cash benefits from e-EFKA replacing the current 88 existing regulations.
The foundation of the new regulations will be based on the benefits provided by the Social Security Foundation (IKA), resulting in thousands of retirees and former fund beneficiaries losing a portion of their privileges. Conversely, some other funds that currently offer lower benefits are expected to benefit.
For instance, funeral expenses vary depending on each fund, ranging from 750 euros (former IKA) to as high as 2,900 euros (National Bank Fund), depending on the case.
