In connection with a report by the candidate for the Presidency of the Republic Mr. The Ministry of Labour and Social Insurance (MoLSA) wishes to point out the following:
Based on the latest Actuarial Study of the General Social Insurance Plan, the amendments introduced up to 2012 ensure the sustainability of the Social Insurance Fund in the long term.
Based on the latest Actuarial Study of the General Social Insurance Plan, the amendments introduced up to 2012 ensure the sustainability of the Social Insurance Fund in the long term. In particular, until 2080, the annual revenues of the fund will cover the annual expenses.
The pension system is certainly a challenge, which the Ministry of 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 and our retired citizens.
To this end, the Ministry of Social Security 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 an 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. The results of the study will be presented by the ILO before the end of the year. After studying and evaluating these results and discussing them with the Social Partners, the Ministry of Social Affairs will prepare a plan to reform the pension system.
(NΓ)
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