Cyprus: Pensions to rise across all income brackets

Cyprus’s proposed pension reform would increase pensions across all income brackets, according to examples presented by the Ministry of Labour. The figures are based on a bill due to be submitted to Parliament, with increases varying according to years of contributions and credited years.

For low-income pensioners, increases could reach approximately 50%. A pension of €411 based on 30 years of contributions and seven credited years would rise to €577. With 35 years of contributions and seven credited years, a pension of €436 would increase to €655, while with 42 years of contributions, a pension of €508 would rise to €764.

For example, a pension of €497 based on 25 years of contributions and seven credited years would rise to €667. With 35 years of contributions, a pension of €642 would increase to €827, while with 42 years, a pension of €762 would rise to €976.

For lower-middle-income pensioners, a pension of €497 based on 25 years of contributions and seven credited years would increase to €667. With 35 years of contributions and seven credited years, a pension of €642 would rise to €827, while with 42 years of contributions and seven credited years, a pension of €762 would increase to €976.

For middle-income pensioners, increases could reach 11%. A pension of €921 based on 25 years of contributions and seven credited years would rise to €1,019. With 35 years of contributions, a pension of €1,258 would increase to €1,341, while with 42 years, a pension of €1,524 would rise to €1,611.

For high-income pensioners, no reductions are planned. A pension of €1,223 would rise to €1,271 with 25 years of contributions and seven credited years, while a pension of €1,706 would increase to €1,713 with 35 years and a pension of €2,032 would rise to €2,034 with 42 years.

Source: Kathimerini Cyprus