Labour Minister Signals Possible Amendments to Cyprus Pension Reform Bill After Parliamentary Submission
Cyprus’ labour minister, Marinos Mousiouttas, announced that changes to the pension reform bill's first pillar may be made even after the legislation is tabled in parliament. The bill, which reworks the Social Insurance Fund and state pensions, is expected to be presented to the cabinet this week after legal vetting by the attorney-general's office.
Mousiouttas emphasized the government’s goal to implement the reform by January 1, 2027, with pension payments reflecting the changes starting February 1. Discussions with stakeholders are ongoing, with some proposals including setting pensions for low-income earners at the poverty line, although raising the statutory retirement age was not supported.
A notable element of the reform is the expanded definition of earnings to include dividends and rent income, on which contributions would be payable up to a cap of €68,000 annually. This change has met resistance from the Chamber of Commerce and Industry due to potential impacts on small and medium-sized enterprises where directors often hold shareholder roles.
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