Cyprus Labor Minister targets pension reform vote within days

Cyprus Minister of Labour and Social Insurance, Marinos Mosiouttas, has announced that the government aims to pass a major pension reform bill in the coming days. The legislation is currently undergoing technical review by the Legal Service, after which it will be presented to the Council of Ministers and subsequently to Parliament.

Mousiouttas emphasized that the primary objective of the reform is to ensure the long-term sustainability of the Social Insurance Fund (TKΑ) and public finances. Key components of the proposed changes include increasing pensions and benefits for low-income retirees, reducing certain administrative costs by 12%, and providing credits to specific groups such as caregivers, persons with disabilities, students, and mothers.

The Minister noted that while dialogue with social partners and political parties will continue until the final vote, the core pillars of the reform remain unchanged. He also highlighted efforts to improve access to maternity benefits, noting that currently, approximately 15% of mothers do not receive them.