Employers' Federation Voices Concerns on Cyprus Pension Reform in Meeting with President
The Employers and Industrialists Federation (OEV) met with President Nikos Christodoulides to discuss concerns over the government’s upcoming pension reform. OEV head Giorgos Pantelides described the talks as substantive, emphasizing the need to safeguard the Social Insurance Fund's robustness and ensure adequate pensions. While details on financial costs were not disclosed, the government committed to creating necessary reserves within a set timeframe.
OEV’s key issues reportedly include preventing increases in employers' contributions and maintaining the voluntary nature of provident funds, which are not mandated by law. Both sides agreed to maintain open communication as discussions continue. Meanwhile, the labour advisory body, comprising trade unions and employers, met to examine 'Pillar Zero,' focusing on pensions for low-income earners, with assurances that no pensioner would see reductions.
Additional discussions are scheduled, including a separate meeting between the SEK union and the DISY party, which advocates for adequate pensions without raising the retirement age. The government aims to table the pension reform bill to parliament by late September, continuing efforts to modernize Cyprus’ social insurance system.
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