Cyprus Pension Reform to Boost All Pensions, Prioritizing Low-Income Retirees
Cyprus is set to implement a pension reform that will increase pensions for all retirees, with the most significant gains targeted at those receiving lower pensions. Labour Minister Marinos Mousiouttas announced the first major overhaul since 1980 aims to create a fairer, more sustainable system. Over 51,000 pensioners could see increases exceeding €100 monthly, introduced gradually over five years beginning January 2027.
The reform calculates increases based on years worked and contributions paid, ensuring stronger support for lower pensions. Pensioners earning up to €600 will receive a minimum €30 increase from the first month. Additional measures include social contribution credits for caregivers, disabled individuals, and students, along with adjustments to widows’ and widowers’ pensions.
Financially, the social insurance fund will stop lending to the government and instead invest reserves cautiously, with repayments planned for existing state debt. The government emphasizes strict oversight of foreign workers amid labor shortages and welcomes constructive suggestions on the reform that preserve its core approach and fiscal balance.
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