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Pension: In July, the position of Minister Work for the 12% penalty

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Mr Panagiotou said they are at an advanced stage of introducing a “palliative intervention”

ΣυνταξιοδοτικΕντ ς Ιουλου η θeση του Υπ. Εργασiας γ&iota ;α το πéναλτι του 12%

In July, the approach of the Ministry of Labor and Social Insurance will be presented in relation to the 12% penalty for those who retire before the age of 65, said the responsible Minister, Yiannis Panagiotou, clarifying that the palliative measures that can be taken today are significant, but the reform measures are timed, along with changes to the technical infrastructure, over five years.

Responding to a related question from a journalist, on the sidelines of the EDEK Young Scientists Conference, Mr. Panagiotou said that they are at an advanced stage in terms of introducing a “palliative intervention” for workers who will choose to retire at the age of 63 with many years service and contributions to the TKA, “so that the relief in relation to the actuarial adjustment burden is concentrated on them”.

He noted that the retirement age in Cyprus is 65 and any variation in relation to below will lead to higher contributions for employees and employers, which no one wants. Through the actuarial study, we see that there may be the possibility of relief for employees, who complete too many years of contributions at work and for whom it is “fair to have a relative relief”, he said.

For the reform of the pension system, Mr. Panagiotou said that expertise from the International Labor Organization and resources from the Recovery Fund are being used, and this will lead to an outcome for the good of all.

Source: www.kathimerini.com.cy

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