Cyprus announces three amendments to pension reform bill — Cyprus Mail

Cyprus has announced three amendments to the pension reform bill following a meeting of the labour advisory body. Labour Minister Marinos Mousiouttas called the changes a step forward, Cyprus Mail reports.

Payments over three years

The amendments provide that pension increases will be paid over three years rather than five. In the first and second years, pensioners will receive 30% of the increase amount each year, while the remaining 40% will be paid in the third year.

It is also proposed to extend the transition period from five to 15 years. According to the minister, the longer transition period is intended to balance the difficulties associated with shortening the period for paying the full pension increase.

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Pensions for widows and people with disabilities

Another change concerns improving the conditions for receiving widows’ pensions and disability pensions. Mousiouttas said these provisions would also make it possible to provide better payments to widows and people with disabilities.

The government plans to introduce the new system on January 1, 2027, provided that parliament passes the bill by the end of 2026. The document is expected to be submitted to the cabinet for consideration soon and later to parliament. The minister added that consultations with social partners may continue even after the bill is submitted to parliament.

Separately, the state and social partners are discussing the second area of pension reform: investment policy. According to Mousiouttas, there is currently no corresponding bill, and the parties seek to reach an agreement.