President Nikos Christodoulides has announced the creation of an inter-ministerial committee to accelerate pension reform during a 60th anniversary event celebrating universal social insurance at the Presidential Palace.
The President outlined that upgrading the social insurance system will focus on improving pension adequacy and rationalising investment policy, while modernising technological infrastructure and internal procedures.
He emphasised that enhancing insurance pillars includes expanding participation in Occupational Pension Funds and promoting additional private insurance options.
Christodoulides highlighted the importance of developing an insurance culture for timely retirement planning, addressing undeclared and under-declared work to limit insurance gaps, and strengthening wage adequacy for sufficient insurance contributions.
The President noted that the Ministry of Labour and Social Insurance is working methodically with guidance from the International Labour Organisation (ILO), which provides the necessary technical expertise to evaluate data, utilise best practices from other countries, and develop detailed recommendations.
According to the government’s timeline, relevant bills will be submitted to the Council of Ministers in 2025 before being presented to parliament.
The newly announced inter-ministerial committee will be chaired by the Minister of Labour and Social Insurance and include the Finance Minister, Deputy Minister to the President, Deputy Minister of Social Welfare, Commissioner for Gender Equality, and the Citizens’ Commissioner.
Christodoulides said the committee will facilitate essential inter-governmental coordination for pension system reform and will begin work immediately.
He added that comprehensive discussions will be held with social partners through the Labour Advisory Body, followed by political dialogue with parliamentary parties and public consultation with citizens.
The President concluded by emphasising that pension reform is a government priority, part of their pre-election programme, and a social necessity requiring collective responsibility.
