The Ministry of Labor’s proposed bill on pension reform has been in the hands of the social partners since 10:30 a.m., which is accompanied by an explanatory memorandum. It was submitted during the latest meeting of the Labor Advisory Council, chaired by Marinos Mousiouttas, with the aim of presenting and analyzing the bill and the government’s proposal for pension reform.
READ ALSO: Mousioutta’s Two “Red Lines” on Pensions and the Timeline Presented to Social Partners
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At the start of the discussion, the Minister of Labor outlined the timeline as well as the “red lines,” making it clear that there is no question of raising the retirement age or increasing contributions. He did, however, express his willingness to immediately resolve any questions or disagreements so that the bill could move forward “either unanimously or with the greatest possible consensus” to the next stage, which involves its submission to Parliament, debate in the relevant parliamentary committee, and final passage.
“Our goal is for it to take effect on January 1, 2027, so that people will feel the difference in their first payments at the end of January,” he emphasized.
READ ALSO: Pension reform before the Labor Advisory Council with “goodwill”
Recognizing that the stakeholders need time to review the data provided to them, Mr. Mousiouttas stated that a detailed presentation by the actuary and relevant officials from the Ministry will follow. Through this process, as he noted, a substantive dialogue will begin on the specific issues and clarifications of concern to the organizations.
At the same time, the Minister made it clear that all suggestions are welcome, subject to two strict conditions: “first, the basic philosophy of the plan must not be altered, and second, any proposal for additional spending must be accompanied by a proposal for an equivalent reduction.”
In closing, he sent a clear message regarding the Ministry’s “red lines,” noting that “Unless your proposal—which I do not believe to be the case—is to increase contributions or raise the retirement age. We are not discussing either raising the retirement age or increasing contributions.”
