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AEIP publishes its statement on ‘The need to support paritarian institutions of social protection in light of the Covid-19 challenges’

Homepage News AEIP publishes its statement on ‘The need to support paritarian institutions of social protection in light of the Covid-19 challenges’

AEIP publishes its statement on ‘The need to support paritarian institutions of social protection in light of the Covid-19 challenges’

Cécile Henrotte
16/04/2020
News, Position Papers
The statement gives a concise overview of the challenges faced by paritarian institutions in the current pandemic situation, while highlighting their importance from a social and financial aspect. The member organizations of AEIP play a significant role in ensuring adequate benefits for old age income, healthcare and long-term care services while they work as much-needed automatic stabilizers in times of economic strain. Thanks to their joint decision-making process and management by the social partners, they promote transparency, inclusiveness and democratic legitimacy. They also have a substantial role in maintaining financial stability. They often act counter-cyclically by maintaining their long-term strategic asset allocation in stressed market conditions, meaning they rebalance and buy assets whose prices have diminished abruptly.
 
The general policy measures for countering the Covid-19 pandemic have put substantial strain on the ability of paritarian institutions to sufficiently cover their obligations. In fact, in an effort to alleviate the pressure from businesses and employees, in many countries the payment of social security contributions has become more flexible, through their deferral to a later date, their decrease or even by their temporary waiver. Even though the funding of IORPs and provident institutions is significantly reduced, they continue paying their beneficiaries’ benefits on a regular basis. A most important aspect is to assure the continuity of every-day activity of paritarian institutions and to maintain a good level of services to the members.
 
Given the significant support that paritarian institutions provide to European citizens in the current crisis, AEIP calls the authorities and institutions at the EU level to:
–          continue displaying significant flexibility in the implementation of supervisory practices and regulations in close consultation with the industry.
–          EIOPA should also use the present circumstances in order to reflect on a Stress Test (ST) methodology for IORPs which takes into consideration the different national recovery mechanisms.
–          DG FISMA and EIOPA should consider the particular social character of the paritarian funds –including IORPs and provident institutions- and not treat them as pure financial institutions.
 
To read AEIP’s statement, please see here.
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Friday, 3, Feb
AEIP participates as honorary partner in the 4th Occupational Retirement Provision Forum of the Hellenic Union of Institutions for Occupational Retirement Provision (HUIORP) on 22 and 23 February 2023
Monday, 23, Jan
AEIP statement on Council recommendation on Long-term care
Thursday, 19, Jan
AEIP publishes its position paper on the proposal for a Corporate Sustainability Due Diligence Directive
Wednesday, 18, Jan
Report on AEIP’s Annual Conference 2022
Monday, 16, Jan
AEIP reiterates its support to co-legislators for the achievement of the European Health Data Space (EHDS)
Thursday, 12, Jan
AEIP publishes its position paper on the upcoming review of IORP II Directive

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