The pension reform aims for better pensions, fairness and transparency, choice, and a strong Social Security Fund, said Minister of Labor and Social Security Marinos Mousiouttas in a video message.
“A pension is not just a sum of money. It is the reward for a lifetime of work. It is the dignity of a person who got up every morning, paid their contributions, and raised their family.”
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As he notes, since we’re living longer and working in different ways, the system that has successfully served society for years needs to change.
“For the system to continue supporting people, it must change as well. That is why we are moving forward with a substantive pension reform, with four clear objectives.”
The first objective, according to the Minister, is to provide better pensions, with priority given to those currently living on low incomes. According to the Minister, approximately 123,000 retirees will see increases ranging from 5% to 55%, depending on their individual circumstances. Over the next five years, more than 50,000 will receive over 100 euros more per month. And more than 9,500 will receive an increase of over 200 euros per month.
The second goal, he added, is fairness and transparency. “We are proposing a basic pension directly linked to years of insurance. Every month of work counts. And everyone will clearly understand how their pension is calculated,” he said.
The third goal, according to the Minister of Labor, is the freedom to choose. “The retirement age remains at 65. No one is forced to work longer. Anyone who chooses to continue working will know in advance what that choice means for their pension,” he noted.
The fourth goal of the reform, Mr. Mousiouttas says, is a strong Social Security Fund that will support pensions in the future as well.
“The reform affects all current and future retirees. I want to make this clear: no existing pension will be reduced. Workers will know that every year of their employment is recognized. And young people will be able to feel confident that the system will support them as well.”
In closing, he states that what the government wants to achieve is “for the people who have dedicated their lives to work to receive the pensions they deserve—higher, fairer, and secure pensions.”
Source: CNA
