Newsroom / CNA
Cyprus currently has an outdated software system for pension fund operations. The government aims to expedite the actuarial study for the Social Insurance Fund (TKA) with the support of the International Labor Organization and the government of Austria.
Minister Yiannis Panayiotou mentioned a study on a proportional reduction of 12% for those who retire before age 65. This reduction is intended to relieve the burden on employees who have worked for many years and may not have academic qualifications or are low-wage workers. Further details on this matter will be discussed in the Council of Social Insurance.
In other labor-related developments, the Minister announced the updated draft legislation on teleworking in the private sector, which will be submitted for discussion. The Ministry of Finance is finalizing the framework for flexible forms of employment in the public and broader public sector, including teleworking. There is also an orientation towards implementing a four-day workweek in public administration.
The Minister also mentioned the establishment of a Commission for the reevaluation of the minimum wage, with representatives from social partners. The operation of the Commission will begin soon, and discussions on the height of the minimum wage will take place to ensure it meets the country's economic capabilities and societal needs.
Addressing the significant delays in processing applications, the Ministry has completed preparations for legislative and procedural changes and is finalizing the process of staffing the public service to work overtime. The goal is to ensure that payments are made within one month from the submission of an application.
The Minister also highlighted various upcoming initiatives, including reducing working hours for parents with multiple children, addressing false self-employment, and examining the issue of indefinite working hours. He emphasized the importance of linking the labor market with the education sector. He announced plans for modern professional development activities involving 100,000 participants to promote green and digital skills necessary for the country's transition.
The government aims to improve the pension system, address labor-related issues, and enhance the well-being of individuals in the workforce while promoting sustainable economic growth and social cohesion in Cyprus.
[This article was translated from its Greek original]
