51,664 pensioners in Cyprus to receive an increase of more than €100 per month

Cyprus’s pension system reform will provide an increase of more than €100 per month to 51,664 pensioners — more than four in ten pension recipients in Cyprus. This was announced by government spokesperson Konstantinos Letymbiotis at a briefing at the Presidential Palace.

According to him, intensive social dialogue on the reform is currently under way — the first substantial overhaul of the pension system since 1980. Discussions at the Labour Advisory Board have moved on to substantive issues in the government’s proposal: the situation of low-income pensioners and actuarial adjustments. At the same time, the labour minister is beginning a series of meetings with political parties in parliament.

Particular emphasis has been placed on the lowest pensions. Those currently receiving up to €600 per month should feel a substantial increase from the very start of the reform. The Ministry of Labour previously reported that this group would receive an immediate increase of at least €30, while increases for other recipients would be introduced gradually over five years.

In addition to the amount of the payments, the proposal addresses imbalances that have built up in the system over decades and introduces the crediting of periods when a person was not working: caring for relatives, maternity and disability. There are currently 123,212 pensioners in Cyprus.

The government expects the reform to take effect in 2027. According to Letymbiotis, its aim is to provide higher pensions, stronger support for low-income recipients and a sustainable Social Insurance Fund for future generations.