Pension reform to cost considerably more than €50 million annually, minister says
Labour Minister Marinos Mousiouttas said the government aims to introduce pension reform on January 1, 2027, with 123,000 retirees expected to receive higher pensions.
Nicosia, Cyprus. The planned pension system overhaul will cost considerably more than €50 million annually, Labour Minister Marinos Mousiouttas said on Thursday, while maintaining that implementation remains targeted for January 1, 2027.
The government plans to submit pension reform bills to parliament by September 30, with retirees expected to see the effects of the changes from February 1, 2027.
Cost and timetable
Mousiouttas spoke after the latest meeting of the labour advisory board, which is currently meeting twice a week to examine the government’s proposed pension reform.
He said the annual cost of the reform was discussed but declined to provide specific figures. Asked about an earlier expert estimate of €50 million per year, the minister said the cost would be “considerably more”.
The labour advisory board is due to continue its discussions until October 10.
Expected pension increases
Speaking at another event the previous day, Mousiouttas outlined elements of the planned reform.
He said approximately 123,000 retirees would receive pension increases. More than 50,000 people would receive an increase of more than €100 per month, while more than 8,000 would receive an increase of €200 over a five-year period.
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