Pension reform bill to reach House by month-end, minister says

Nicosia, Cyprus. The pension reform bill will be submitted to the House of Representatives by the end of the month, Labour Minister Marinos Mousiouttas said on Monday.

He said the January 1 implementation target remained unchanged and that about 123,000 retirees were expected to receive higher pensions under the proposals.

Outstanding issues

Addressing the labour advisory board, Mousiouttas said the government was seeking to achieve the best possible outcome and called on participants to use the next three sessions to settle unresolved matters before detailed discussions begin.

He said the reform’s underlying approach had been known for two years, referring to proposals presented in earlier meetings with technical committees.

“We have given everything we could give so far,” Mousiouttas said. “You have our suggestions. The time has come for you to tell us now what your own suggestions are.”

Reform pillars and cost

Mousiouttas said progress could soon be made on the second pillar of the reform, while the first pillar remained under detailed discussion.

The government was prepared to hold dialogue every day to address outstanding issues, he said, while stressing that parliament would have the final say after the bill is submitted.

Earlier this week, Mousiouttas said the fiscal cost of the overhaul would be considerably more than €50 million annually.