The social partners left the meeting of the Labor Advisory Council with more questions than they had when they arrived.

The figures requested regarding the actual cost of the pension reform were presented by the Minister of Finance, but in a more general context, raising questions among both employers and labor unions, who expect to receive more specific data in writing within the next few days. 

Makis Keravnos did not publicly reveal the details, noting that costs are constantly changing. He did, however, make it clear that the Ministry of Labor’s proposal can be supported without jeopardizing fiscal balance or the sustainability of the Social Security Fund.

“This reform must also include safeguards in the event of a crisis. Under no circumstances should we proceed with a reform that focuses solely on the immediate future; rather, we must take a long-term view.”
_{Makis Keravnos – Minister of Finance “The}

Ministry of Labor and the Ministry of Finance are working in close cooperation to advance this reform—the pension reform—a change that is taking place after 46 years.”
_{Marinos Mousiouttas – Minister of Labor}

It is in this context that the Hellenic Federation of Enterprises (OEB) requested that the bill, in addition to the possibility of future contribution increases, also provide for the possibility of raising the retirement age, should risks to the fund’s sustainability emerge.

“Both possibilities must be in place so that, if and when the fund’s sustainability is at risk, they can serve as potential tools to ensure we do not jeopardize the fund’s sustainability.”
_{Michalis Antoniou – General Director of the Cyprus Chamber of Commerce and Industry} “If

another scenario emerges as a result of the outcome, we will certainly have to examine all the parameters to see how they can be adjusted accordingly to ensure the stability of public finances as well.””
<sub>Philokypros Rousounidis – Secretary General of the Cyprus Chamber of Commerce and Industry (KEBE

)</sub> The unions were categorical in refusing to discuss either of the two possibilities. 

“At this moment, there are risks because other financial details have not been secured to ensure that neither the retirement age nor the parties’ contributions will be affected.”
_{Panikos Argyrides – Deputy General Secretary of SEK} “We have not

discussed raising the retirement age, nor are we discussing an increase in contributions.”
_{Sotiroulla Charalambous – General Secretary of PEO}

The government’s goal of submitting the bill to Parliament on September 24 is in doubt, as the social partners seem to agree that there isn’t enough time. “New issues are constantly

arising that require further clarification, and that is why the necessary time must be allowed.”
_{Stelios Christodoulou – President of DEOK} “Some

gaps still remain, and everyone still has some concerns.”
_{Alexis Alekou – Deputy General Secretary of PASYDY}

The Labor Advisory Council will meet again this coming Thursday.

Watch the report by Rafaella Stavrinou: