Cyprus pension reform bill postponed to September

Minister of Labour and Social Insurance, Marinos Mousiouttas, announced that the government has postponed the submission of the pension reform bill to the House of Representatives from July to September. This decision follows feedback from social partners, including trade unions and the Cyprus Employers and Industrialists Federation (OEB), requesting more time for consultation. The Minister attended a regular OEB board meeting to discuss individual aspects of the pension system. OEB President, Giorgos Pantelidis, emphasized the importance of long-term sustainability and expressed that participation in Provident Funds should remain voluntary, with state incentives offered to encourage participation in the second pillar. Trade unions also expressed the need for a comprehensive dialogue to ensure adequate pension benefits. While the government aims to reach consensus, Minister Mousiouttas clarified that the administration will not wait for full unanimity before proceeding. The legislative text will be provided to social partners for review in the coming days.