The primary goal of the pension reform is to ensure the sustainability of the Social Security Fund (SSF) as well as ensuring the sustainability of public finances, Minister of Labor and Social Insurance Marinos Mousiouttas emphasized on Tuesday.
“These are two interrelated factors that we must take seriously into account so as not to disrupt the existing balances in the economy,” said Mr. Mousiouttas, following a meeting at the Ministry of Labor with the President of Almas – Citizens for Cyprus, Odysseas Michaelides, as part of his meetings with parliamentary parties to brief them on pension reform.
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Mr. Mousiouttas said that he explained to Mr. Michaelides the philosophy, the aims and objectives of the pension reform model, adding that this model “was developed by experts and actuaries from the International Labour Organization (ILO).”
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He noted that he is currently briefing the parliamentary parties on the pension reform, so that they can get a first glimpse of exactly what is contained in the bill that is to be submitted to Parliament shortly to begin parliamentary debate, so that, “if possible, on January 1, 2027, once the reform is implemented, every retiree will be able to feel the difference in their pocket on February 1, whether that difference is small or large”.
Furthermore, in a statement, the President of Almas said that the movement will support any proposal that meets the three criteria: an increase in pensions, safeguarding the Social Security Fund (TKA), and safeguarding public finances.
Mr. Michaelides, after thanking the Minister and the Ministry officials for the “thorough and detailed briefing,” said that ALMA would study the “vast amount of data” they had received from the Minister and his team.
He added that “with the help of the ILO, several studies are being conducted, aimed at ensuring sustainability, in the plans that will follow, both for the Social Security Fund and regarding the impact on public finances, in a manner that is structured and well-considered.”
“We look forward to seeing this in practice once the bill is introduced, and for our part, we will certainly support any proposal that meets the three criteria: an increase in pensions, safeguarding the Social Security Fund (TKA), and safeguarding public finances,” he concluded.
Source: CNA
