OEV raises concerns over planned pension reform in meeting with president

Nicosia, Cyprus. The Employers and Industrialists Federation (OEV) outlined concerns over the government’s planned pension reform during a meeting with President Nikos Christodoulides, as stakeholder discussions continued.

Meeting at presidential palace

An OEV delegation met Christodoulides at the presidential palace on Monday. OEV president Giorgos Pantelides described the meeting as substantive and constructive.

Pantelides said the federation’s main concern was ensuring that both pensions and the Social Insurance Fund remain robust in the future.

Safeguards and pension adequacy

He said OEV did not present its red lines to the president but discussed its concerns, including safeguards in the event of an economic downturn and measures to ensure adequate pensions.

Pantelides said OEV and the president agreed on certain aspects aimed at striking a balance between the safeguards. He said the ongoing dialogue could produce solutions allowing the reform, at least its first phase, to proceed.

Costs and employer contributions

Pantelides said OEV was not informed of the cost of the pension reform. He added that the government committed to creating the necessary reserves within a specified timeframe.

Earlier reports said OEV’s two red lines were no increase in employers’ contributions and the retention of the voluntary nature of provident funds.