Cyprus pension reform bill heads to social partners as October 20 deadline looms
Labour Minister Marinos Mousiouttas says the revised pension bill will reach social partners on Friday, with all written positions due by October 20 and a target launch of January 1, 2027.
The updated pension reform bill is set to be handed to social partners on Friday, according to Labour Minister Marinos Mousiouttas, as reported by Cyprus Mail. He said he hopes the government can move it quickly to the cabinet and then to parliament.
Speaking after chairing a labour advisory body meeting on Thursday, Mousiouttas described the session as one of the most interesting he had attended and said the atmosphere was exceptionally good. All written positions from stakeholders must be submitted by October 20, with the chamber of commerce and industry (Keve) already having done so and the employers' union (OEV) expected shortly.
The bill is still with the Law Office of the Republic for a final opinion before going to cabinet, and Mousiouttas noted that remaining disagreements could be resolved during parliamentary discussion. Talks covered the 12 per cent penalty for retiring early at 63, increases to low pensions, widowers' pensions for men widowed before January 1, 2018, and provident funds, with the aim of bringing the reforms into force on January 1, 2027.
"We did not take a stance. We will look at our actuarial studies again to see if anything can be changed," Mousiouttas said regarding a proposal to raise low pensions to the poverty threshold of €1,130.
What it means for residents
For anyone planning retirement in Cyprus, the coming weeks will shape how much they receive and when. The timeline is tight, but there is still room to influence the outcome through the social partners.
- Watch the calendar: Positions close on October 20, with further talks on October 27 and provident fund discussions starting October 29. If you have views, raise them through your union or chamber now.
- Low earners may see more: A 34 per cent rise for low pensions and 11 per cent for medium incomes is on the table, while high incomes are not expected to drop, though the €1,130 threshold plan could still change.
- Early retirement: The 12 per cent penalty at 63 remains under review, so anyone considering leaving work early should hold off on firm plans until the bill is finalised.
This text is written from the source article and is not a translation of it.
