Cyprus President Nikos Christodoulides announced Monday the formation of an Interministerial Committee dedicated to pension system reform, which will be included in the agenda of the next Cabinet meeting. Speaking at an event marking 60 years of universal social insurance in Cyprus, the President stressed the Committee’s significant role in coordinating government efforts.

The Committee will be chaired by the Minister of Labour and Social Insurance and include the Minister of Finance, Deputy Minister to the President, Deputy Minister of Social Welfare, Commissioner for Gender Equality, and Commissioner for Citizen Rights.

“The Interministerial Committee will actively drive the necessary intra-governmental coordination for the pension reform and will begin work immediately,” Christodoulides said.

He also outlined plans for a comprehensive dialogue involving social partners through the Labour Advisory Board, political discussions with parliamentary parties, and public consultations with citizens. He noted that the dialogue aimed to ensure informed and balanced decisions benefiting the public.

The President reaffirmed the government’s political will to adhere to timelines for implementing the reform, with draft legislation expected to reach the Cabinet by 2025 before submission to Parliament.

“Pension reform is a government priority, a commitment made to the Cypriot people, and a social necessity requiring collective responsibility,” he said.

Christodoulides expressed confidence in achieving the ambitious goals through collaborative efforts, ensuring benefits for current and future generations.

Marking the 60th anniversary of the Social Insurance Law of 1964, he hailed the milestone as a testament to the Republic’s commitment to its constitutional obligation to guarantee social security.

Labour Minister highlights extensive preparations

Labour Minister Yiannis Panayiotou noted the ministry’s critical role in pension system reform, referring to months of preparatory work. The preparations included actuarial and technological groundwork in collaboration with the International Labour Organization (ILO) and social partners.

The Minister also stressed the progress achieved in renewing long-term collective agreements, advancing employment conditions, and tackling undeclared labour. He expressed optimism about the ministry’s ability to rise to the challenge, delivering reforms through collective efforts.

ILO hailed the significant achievement

During the event, Christodoulides presented a commemorative plaque to Andre Picard, Head of Advisory Services and the Actuarial Unit at the ILO. Picard, in turn, gifted the President an original copy of the 1960 ILO report that laid the foundations for Cyprus’ social protection system. He expressed the hope that the framed report will be a reminder of the universality of social insurance schemes but also of the long-standing partnership between the ILO and Cyprus.

Referring to the 60 years of universal social insurance in Cyprus he said that “this milestone is not only a significant achievement. It is also, a powerful testament to the value of solidarity, equity and enduring commitment to social justice in Cyprus”.

He also extended his heartfelt congratulations to the government and the people of Cyprus for their remarkable achievement.

Let’ s celebrate the progress made. But also, let's renew our commitment, our shared commitment to make social protection a universal right that will support all people everywhere”, he said.

The event also featured the presentation of a commemorative postage stamp marking the 60th anniversary. Designed by artist Theodoros Kakoullis, 55,000 stamps and 3,500 first-day covers were issued. A documentary by CYBC journalist Emily Michael also presented the history and evolution of Cyprus’ social insurance system.