Pension reform bill to be brought to cabinet by end of 2025

Oct. 7, 2024 - Cyprus Mail

The government aims to bring a bill to reform pensions before cabinet by the end of 2025, Labour Minister Yiannis Panayiotou said on Monday. “Pension reform is one of the government’s priorities and is a social necessity which requires collective action and responsibility,” he said.

Those other means include the support of the social insurance fund through welfare funds and the possibility of private insurance. Earlier reports suggested that, under the envisioned pension reform, the age of retirement would not change.

Data for 2022 show that total contributions to the Social Insurance Fund came from 550,000 persons – of whom 345,000 Cypriots, 100,000 EU nationals, and 110,000 non-EU nationals...