The automatic enrollment of employees under the age of 45 in private pension plans by their employers was introduced by law No. 6740 of 25 August 2016, which amended the private pension savings and investment law No. 4632. The law entered into force in January 2017 for employers with at least 250 employees and on 1 January 2018, for employers with at least 50 employees. The law will enter into force on 1 July 2018, for employers with 10 to 50 employees and on 1 January 2019, for employers with 5 to 10 employees.
Starting 10 March 2018, new companies are no longer required to notify the relevant social security institution upon their establishment. The registration of a new company to the trade registry will suffice to meet the notification requirement to the social security institution.