Cyprus advances pension reform discussions

The Labour Advisory Board, chaired by Minister of Labour and Social Insurance Marinos Mousiouttas, is continuing discussions regarding the proposed pension reform bill. The government aims to implement these changes by January 1, 2027, with the primary goals of increasing pension levels, ensuring fairness, and strengthening the Social Insurance Fund. Under the proposed plan, approximately 123,000 pensioners are expected to receive increases ranging from 5% to 55%. Specifically, over 50,000 beneficiaries will see a monthly increase of at least €100 within five years, while more than 9,500 will receive an increase exceeding €200 per month.

While the bill is expected to be submitted to the House of Representatives by September 30, Minister Mousiouttas noted that ongoing dialogue remains flexible. Starting October 6, a technical committee will begin weekly Tuesday meetings focused on the reform's second pillar. Discussions within the Labour Advisory Board are set to continue on a regular basis, excluding specific dates in October when the Minister will be absent. The government intends to reach a framework agreement that can be presented to Parliament, emphasizing that the text remains subject to change as negotiations with social partners progress.