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20 June, 2024
 
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Finance Minister unveils plan to end multiple pensions for MPs

Government moves to simplify benefits for officials

Newsroom

The government aims for a complete abolition of multiple pensions for state officials and members of parliament through a proposal encompassing two bills.

Speaking on RIK's third radio channel, Finance Minister Makis Keraunos stated that "this issue has been troubling ordinary citizens for many years," prompting the government to take action.

Mr. Keraunos explained that the two bills and the proposal collectively address two issues. "Pensions for officials will be granted at sixty-five years instead of sixty, while multiple pensions will be abolished and replaced with a lump sum based on a specific formula."

"Anyone serving in an office, whether state or as an MP, will receive a lump sum upon the termination of their service," clarified the Finance Minister.

Following the Ministerial Council meeting, the Finance Minister reiterated the government's intention to abolish multiple pensions from now on. "The Ministry of Finance has worked on this, and consultation is expected. Instead of multiple pensions, we will now have a lump sum." He also mentioned sending a letter to the Speaker of the House, who, he noted, expressed a different opinion. "I will also engage with party leaders and MPs," he added.

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Cyprus  |  pensions  |  economy  |  government  |  minister  |  finance

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