Social partners demand clarification on pension reform ahead of October bill submission

Social partners in Cyprus are demanding specific data and technical clarifications regarding the impact of the proposed pension reform ahead of a crucial meeting of the Labour Advisory Board. Minister of Labour Marinos Mousiouttas is scheduled to address these concerns, having committed to providing answers to stakeholders regarding the new calculation methods and potential consequences for different age groups.

The Cyprus Workers' Confederation (SEK), led by General Secretary Andreas Matsas, has prioritized the long-term adequacy of both current and future pensions, conducting their own comparative analysis between the existing and proposed systems. Simultaneously, the Cyprus Chamber of Commerce and Industry (KEBE) has expressed reservations, highlighting unresolved issues such as dividend taxation and the methodology for pension calculations. KEBE warned against submitting the bill to the House of Representatives without achieving a broad consensus on key provisions.

Despite the pushback, Minister Mousiouttas maintains that the government intends to submit the pension reform bill to the House of Representatives before the end of October. The executive committee of the chamber is set to meet on October 13 to finalize their formal written positions, which will then be submitted to the Minister for further review as the consultation process continues.