Calculation of the insurance days of members of Boards of Directors

Circular No. 40/2022 of e-EFKA provides notification of the provisions of Article 34 of Law No. 4670/2020 replacing those  of Article 38 of Law No. 4387/2016, as it was in force. More specifically, as regards the insurance of the members of the  Board of Directors of Public Limited Companies and Agricultural Cooperatives, the way of calculating the days of insurance  changes as of 1 January 2023.

As is known, following the provisions of Article 38(3)(d) & (e) of Law No. 4387/2016, Members of Boards of Directors were  added as a new category of insured persons/contributors to the e-EFKA on 1 January 2017 with regard to the remuneration  they receive in their capacity as Board members, which is unrelated to the entering into a dependent employment  relationship.

It is noted that, based on the following provisions, changes are made solely regarding the way in which the days of  insurance are calculated.

Provided that the amount of the insurance contribution paid pursuant to the provisions of Article 34(3) of Law No.  4670/2020 corresponds to or exceeds the amount of the contribution on the current basic salary of a salaried employee,  it is deemed that the insured person has completed twenty-five (25) days of insurance per month.  If the amount of the insurance contribution is less than the amount of the contribution on the basic salary, the monthly  insurance period shall be calculated by dividing the insurance contribution paid by the amount of the contribution on the  basic salary multiplied by 25.

The amount of the insurance contribution shall be deemed to be the amount corresponding to the main pension branch  (20%).

The monthly contribution is the product of the calculation of: monthly remuneration x 20%.

The first application of the instructions herein, through the online submission of the e-EFKA Analytical Periodic Statement  (APD) for the representation of the insurance of the members of the Board of Directors of Public Limited Companies and  Agricultural Cooperatives for remuneration received in the capacity of a Board member, is defined as the salary period  (reference month) of December 2022 (12/2022).