Consultations ongoing for pension reform in Cyprus

Consultations regarding pension reform continue within the Labor Advisory Board in Cyprus. Minister of Labor and Social Insurance Marinos Mousiouttas announced that alternative options regarding the 12% actuarial reduction will be evaluated in upcoming sessions. The broader reform plan includes the investment policy of the Pension Fund, state debt repayment to social insurance, and measures to address gender inequalities. Additional objectives involve increasing low pensions and improving overall benefits. The government has set a target to submit the relevant legislation for the first pillar of the pension system to Parliament by June 2026. Parliamentary discussions are expected to take place between September and December 2026. The goal is for the new pension framework to be implemented by 2027. The Minister emphasized that these steps are being taken under a strict timeline to ensure the legislative process proceeds as scheduled.