President Nikos Christodoulides stressed the need to promote a comprehensive pension reform during his meeting the Presidential Palace with members of the Cyprus Council of Economy and Competitiveness.
The reform aims to increase pensions, strengthen provident funds, and ensure the sustainability of the Social Insurance Fund.
In his opening remarks at the 9 September meeting, Christodoulides underlined that one of the country’s greatest needs is to reform the state apparatus inherited from 1960. “The government has the absolute political will and readiness to do this,” he said.
Speaking in the presence of the Ministers of Finance and Labour, he highlighted the importance of the discussion on pension reform.
“Reforms are high on the government’s priorities. Many areas still operate under structures from 1960, and we must adapt to new realities,” he said.
The President outlined the broader reform agenda, which includes restructuring the Audit Office, the Legal Service, the education sector, the automatic cost-of-living adjustment (COLA), tax reforms, the establishment of a national sanctions enforcement unit, and the creation of a Secretariat to monitor government project implementation. He also mentioned automatic registration on official lists from the age of 17.
Regarding the pension reform specifically, the President said the Government’s efforts focus on three key areas: improving and increasing pensions, strengthening provident funds, and ensuring the sustainability of the Social Insurance Fund. He recalled that the last major reform was in 1980, and another adjustment occurred in 2012–2013 under the Troika.
He invited the Council members to share their views and findings from a recent related conference and expressed interest in their opinions on other priority areas for reform.
(Source: CNA)
