Government to table pension reform legislation by July 15

Labour Minister Marinos Mousiouttas has announced that the government will table pension reform legislation before the parliamentary summer recess on July 15. The government aims to implement the reform by January 1, 2027, regardless of whether a consensus is reached with social partners. Trade unions, including SEK and PEO, have expressed strong reservations, arguing that the reform should cover all three pillars simultaneously rather than focusing solely on the first. They contend that current proposals fail to ensure pensions remain above the poverty line. Employers maintain three key conditions: no increases in contributions, the long-term sustainability of the Social Insurance Fund, and clear investment parameters. The Finance Ministry has already defined the investment assumptions for the fund. Formal parliamentary reviews are scheduled to begin in autumn following informal discussions during the summer.