The ASPIS financial-insurance group of companies presented today the complementary role of private insurance to social development, in a special event that took place at a central hotel of Athens.

Mr. Pavlos Psomiadis, President of the group, noted the need for young people to develop an insurance consciousness. He also stressed the fact that should someone save 1 euro per day within the scope of an insurance program, he could very well come up with such an income, taking into account the periodic price index adjustments, that would allow him to supplement his pension, which in accordance with up to date data will constantly diminish. Mr Psomiadis referred to the potentials of hospital and saving insurance programs, adding that within the EU-15 Member States, at least 15 out of 100 people have purchased a savings-pension program from an insurance company.

It should be noted that Mr. George Romanias, an expert of the European Economic and Social Committee, and Scientific Counsellor of the Labour Institute of the General Confederation of Greek labour (GSEE) and the Supreme Administration of the Public Servants Unions (ADEDY), attended the presentation.

In particular, Mr. Romanias emphasized the fact that the Greek pension-fund system lacks the necessary asset dynamics, leading to an ephemeral functioning of the country's social security system.

He also added that, in essence, there is no security system in Greece, but merely a mosaic of relative provisions of great diversity depending on the social group involved in each case. Furthermore, he stressed the fact that 175 pension funds operate at present, providing pensions that range between 804 to 5,000 euros per month.

Within the framework of the presentation, the Scientific Counselor of the Labour Institute of GSEE and ADEDY manifested the potentials of the complementary role of private insurance with respect to social insurance, with reference to international policies and the composition of pension income in the EU countries.