Air Traffic Controllers Association of Greece 
Supplementary Compensation Fund
 

  In June 1989 the Air Traffic Controllers Association of Greece (ATCAG) created a mutual assistance fund by the name: " Supplementary Compensation Fund" (ATCAG-SCF) for the registered members of ATCAG.

  The ATCAG-SCF is not a separate legal entity but it is owned entirely by the ATCAG. Its operation and administration of funds is carried according to the conditions in its standing regulations under the supervision of the Governing Council and General Assembly of the ATCAG registered members.

The ATCAG-SCF aim is to cover its members under the following indemnities (compensations): 

Lump Sum Benefit 
This comprises the 75% of the total monthly member contribution to the ATCAG-SCF plus the relevant yield. 
The ATCAG-SCF members that leave active service are the beneficiaries.

Surgery Allowance 
Any member of ATCAG-SCF that is hospitalised and subjected to surgery is entitled to receive this benefit. 

Provision for the risk of death or disability 
This covers members (or their beneficiaries) in case of death caused by accident or illness, and in case of permanent disability. 

Legal Counselling for professional risks 
This covers members in case they are taken to Court for reasons related to the their duties in AIR TRAFFIC CONTROL who are holders of the proper License. 
In such cases the ATCAG-SCF shall pay for: 

            Legal Counselling

            Court expenses

            Bail expenses (if any).

  Shareholders (members) of ATCAG-SCF will be all the ATCAG members. 
The ATCAG-SCF is managed by a 5 member Governing Board (GB). Its members are elected for a two year term according to the same rules that apply for the ATCAG Governing Council elections. The office of member in the Governing Council of ATCAG is incompatible with the capacity of member of the ATCAG-SCF GB. The formation of the GB as a body is achieved with the election of its President, Vice-President, Secretary General and Secretary of Finance. 

The ATCAG-SCF revenues are:

the members' monthly contribution equal to 1.5% of the insurable salary equivalent to the highest insurance class in the IKA (Social Security); 

lump sum contribution equal to 1% of the insurable salary equivalent to the highest insurance class in the IKA (Social Security) at the time of each members' enrolment; 

the interest on the reserve funds and any revenue from the ATCAG-SCF assets; 

any contingency contribution at the request of the GB subject to approval by the General Assembly. 

The ATCAG-SCF reserve funds are invested: 

            in profitable bonds; 

            in medium or long term bank accounts; 

            in real estate and government bonds; 

            in mutual funds with steady yield.

            Short and long term loans to ATAG-SCF members
                These loans are meant as financial facilitation to members in need


  At the beginning of each accounting period there is a compulsory auditing of the previous year's proceedings. This is carried out by a three member Auditing Committee (AC) elected in the same proceedings with the ATCAG-SCF GB. 

  Another compulsory auditing is carried out by a chartered accountant, and the report is submitted to the General Assembly along with the AC report, according to Articles in the ATCAG charter.