The recent statement by the Minister of Labor that, as part of efforts to increase the Social Security Fund’s revenue, a new category of contributors will be created— the so-called “high-income earners,” raised questions among members of the relevant parliamentary committee, which Marinos Mousiouttas sought to address.

As he explained to the members of Parliament, this change, which will be implemented through pension reform, will apply only to individuals who, while currently receiving a social pension, have not made contributions to the Social Insurance Fund.

“Such individuals will be required to pay social security contributions from the income they receive from rent, stocks, etc. A person who has made contributions to the Social Insurance Fund will not be required to make contributions for this purpose; it will be on a voluntary basis if they wish to increase their pension in the future.”

SEE ALSO: Pension increases ranging from 5% to 55% under the reform, says Mousiouttas; what’s changing

The Minister noted that the draft bill on pension reform will be submitted to the social partners within the next 15 days, so that it can be submitted to Parliament in September.

“There will be increases for everyone ranging from 5% to 50–55%. Some will receive more, some will receive less, but everyone will see an increase in their pensions.”

“We must ensure that no pensioner in this country falls below the poverty line,” noted AKEL MP and Chair of the Labor Committee, Giorgos Koukoumas.

The goal is for the new pension system to take effect on January 1, 2027. With this chapter closed, the Ministry of Labor intends to address other outstanding issues, such as extending maternity and paternity leave. In this regard, Marinos Mousiouttas said that an increase in paternity leave from two to four weeks is being proposed.

Watch the report by Rafaella Stavrinou: