The preliminary draft of the amendment bill on social security, the first step toward pension reform, was presented to the social partners today.

““This is the largest and most substantial reform of the pension system since 1980.”
_{Nikos Christodoulides – President of the Republic}

The 37-page document outlines how pension increases will be paid to current and future retirees; a reduction in the 12% penalty is proposed, and the recognition of pensionable earnings is expanded to include new segments of the population for specific periods.
 
“Future retirees with low earnings can expect increases ranging from 5% to 50–60%.”
_{Marinos Mousiouttas – Minister of Labor}

The minister explained that, of the 123,000 retirees, the increase will break down as follows:

“40%, or 53,000 retirees, will receive an increase of more than 100 euros per month, while there are approximately 60,000 who will receive an increase of less than 100 euros per month.”
_{Marinos Mousiouttas – Minister of Labor}

In the case of early retirement at age 63 instead of 65, the minister stated that the 12% penalty previously imposed will be reduced

.““There is a proposal to reduce the actuarial adjustment from 12% to 7.5% for the base portion of the pension.”
_{Marinos Mousiouttas – Minister of Labor}

The meeting with the social partners took place in a tense atmosphere; after reviewing the bill, they will return on September 28 with questions and recommendations. At the next meeting, the partners requested a detailed explanation of how low-income pensioners—Pillar 0—will be supported. “There

will also be a more thorough and substantive presentation. We hope that the questions that have arisen initially will no longer be an issue by then.”
_{Philokypros Rousounidis – General Secretary of KEVE}

“I would like to tell everyone that they need to be patient. It’s easy to get confused by the documents one receives if one doesn’t delve into the details of the discussions, and it’s not easy to help the audience understand what we’re trying to shape for the common good.”
_{Michalis Antoniou – General Director of the OEB} “A presentation on the pillar of the plan for low-income pensioners is

scheduled for the next session. And, of course, the technical committee is continuing its discussion on the issue of welfare funds.”
_{Sotiroulla Charalambous – Secretary General of PEO} “Among other things, investment policy is a key

factor—a topic that is another major issue. We expect the Minister of Finance to be present at the next meeting to provide further explanations.”
_{Stelios Christodoulou – President of DEOK} “So

far, no comprehensive proposals have been submitted that address the reform of the pension system as a whole.”
_{Andreas Matsas – General Secretary of SEK}

: “If the bill is implemented as of January 1, 2027, the increases provided for will be granted in full over a five-year period, rather than immediately upon the law’s entry into force.

See the report by Kleio Vourkou: