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