Based on the latest actuarial study of the General Plan of Social Security, the amendments introduced up to 2012 ensure the sustainability of the Social Insurance Fund in the long term, the Ministry of Labour and Social Insurance says, noting that up to 2080 the annual revenues of the fund cover the annual expenses.
In relation to a reference by presidential candidate Nikos Christodoulides to the pension system and the characterization that it is a time bomb, the Ministry of Labor and Social Security notes that "the pension system is certainly a challenge, which the Ministry of Labor and Social Security is called upon to manage in the context of the government's broader social policy, with the aim of safeguarding the rights of all workers, as well as those of our retired citizens."
He added that he is in constant contact and consultation with the International Labour Office (ILO) and awaits the findings of its study in relation to the reform of the pension system in Cyprus. "The study takes into account the need to ensure adequate pension income to achieve the key objectives of addressing pensioner poverty, solidarity and equity between and within generations, ensuring the long-term sustainability of pension provision and the efficiency of the system to reduce disincentives to work," it notes.
Finally, the Ministry of Social Security says that the results of the study will be presented by the International Labour Office before the end of the year and, after being studied and evaluated and discussed with the Social Partners, a plan for reforming the pension system will be prepared.
Source: CNA
Contents of this article including associated images are belongs Cyprus Times
Views & opinions expressed are those of the author and/or Cyprus Times
Source
