Glossary
Voluntary Health Insurance
A system in which individuals, of their own choice, can take out insurance with licensed insurance companies or make additional contributions for healthcare services beyond the mandatory health insurance. These funds are used to cover additional medical services, extended preventive check-ups, partial funding of treatment, and other healthcare services not fully covered by mandatory health insurance.
Voluntary Pension Fund (VPF)
A fund for additional voluntary pension insurance, in which any person can participate at their own discretion with personal contributions or contributions made by their employer. The funds accumulate in individual accounts and are invested by a licensed pension insurance company.
Voluntary Pension Fund with Occupational Schemes (VPFOS)
A special voluntary pension fund established to provide additional occupational pension benefits under a scheme agreed between the employer and employees or their representatives (e.g. trade union). Participation in such a fund is voluntary and collective, with the terms of membership, contribution amounts, and rights of the insured persons defined in an agreement between the employer and employees. These funds are managed by licensed pension insurance companies, and the accumulated assets are used to pay additional pensions according to the conditions set out in the occupational scheme.
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