The Eurobank group is establishing the Occupational Insurance Fund.
According to the announcement, the new fund seeks long-term support for the bank’s employees, with a social responsibility initiative that promotes strong ESG standards.
The activation of OIF, it is reported, constitutes a modern framework of professional insurance, optional participation, for all the staff of the Group that is employed with contracts of indefinite duration.
As a Legal Entity under Private Law, established following a written agreement between employees and the employer, it operates in parallel and in addition to the public pension system. “It provides long-term savings and significant coverage to employees who ensure that a respectable amount is accumulated at the end of their term, improving their standard of living at one point – a milestone in their lives,” it said.
The advantages of the new fund are the following:
Enhancement of retirement income with the ability for members to save long-term and effectively with professional management of their investments. An opportunity that helps to cultivate the culture of saving, even at the youngest ages of employees.
Significant tax incentives, since voluntary contributions (regular and extraordinary) are tax deductible by 100%, and reduce the taxable income of the member, according to the current tax regime.
Upon registration with OIF, the Eurobank Group automatically pays a percentage of its salary to the member’s pension account, without the need for voluntary contributions from the employee.
The employees – members of OIF will have immediate access and full information of their personal investment portion at any time, through the website of OIF using their personal code, while the operating costs of the Fund will be covered exclusively by the Eurobank Group.
The Fund will make full disclosure of financial statements, actuarial feasibility studies and investment policies and instruments, so that its members are informed in full transparency.
Ms. Natassa Paschali, General Manager of the Human Resources Group of Eurobank, stated: “The OIF of the Eurobank Group is now here. It is a very important step for the improvement of the living standard of our employees, to whom we are committed to always offer the best and, hopefully, other Organizations will also turn in this direction. Through the new Fund, employees will continue to enjoy the full level of benefits, but now with additional benefits and opportunities. The creation of OIF is an act of social responsibility for us, with the aim of always being ahead for our people “.