Cyprus Labour Minister to Submit Pension Reform Bill to House by Month-End
Labour Minister Marinos Mousiouttas assured on Monday that the pension reform bill will be submitted to the House by the end of the month. The bill aims to increase pensions for around 123,000 retirees, with over 50,000 receiving increases exceeding €100 per month and more than 8,000 gaining €200 monthly, phased in over five years. The basic pension calculation will change to include total registration and insured periods.
The reform maintains the retirement age at 65, with an option to work until 67, and reduces the early retirement penalty from 12% to approximately 7.5%. Pensioners earning up to €600 a month will get a minimum increase of €30 monthly. Despite these changes, trade unions expressed concerns that some pensioners might still fall below the poverty line after the reform.
Mousiouttas emphasized ongoing dialogue with stakeholders and indicated that parliament will make the final decision. The advisory board will continue discussions until October 10, with the reform implementation target remaining January 1. The fiscal cost of the overhaul is expected to exceed €50 million annually.
No news yet
CYPRadar is a state-of-the-art, AI-powered Cyprus news aggregator that automatically crawls, filters, and translates local updates in real time. By continuously scanning a wide range of trusted Cypriot media outlets, blogs, and official RSS feeds, the platform identifies original stories and uses advanced language models to filter out duplicate coverage. The service then generates concise, objective summaries, ensuring that readers get a quick and clear understanding of every significant event without information overload.
The primary mission of CYPRadar is to provide comprehensive, multi-language coverage of Cyprus news to keep both residents and international visitors well-informed. The platform covers key events across all major cities and districts, including Nicosia, Limassol, Larnaca, Paphos, and Famagusta. By offering all updates simultaneously in five languages — English, Russian, Greek, Ukrainian, and Turkish — CYPRadar bridges communication gaps and ensures that everyone has equal access to critical local information, from policy changes to community events.
Monitor economic trends, financial regulations, and business news in Cyprus. Follow corporate developments, banking sector updates, inflation reports, tax changes, investment growth, and real estate market performance.