Cyprus Pensions

The need for social protection systems and in particular pension systems to be viewed as basic constituents of the objective to promote social cohesion and fight poverty was stressed by President of the Republic Demetris Christofias. In a speech, read by Labour and Social Insurance Minister Sotiroula Charalambous, during the 18th Muhanna Foundation Conference, organised with the support of the Ministry of Labour and Social Insurance, on the topic: “Meeting Today`s Challenges in Social Protection and Retirement Systems“, President Christofias said “we need sustainable and economically strong funds in order to safeguard pensions and benefits for beneficiaries”.

For the achievement of this objective, transparency and professionalism in the operation of the various schemes is of utmost importance and that is why the role of professionals in this sector is becoming increasingly more necessary, he said.

In Cyprus, said President Christofias, we have managed to build a relatively healthy social security system, through social dialogue and tripartite cooperation. The universal nature of our Social Insurance Fund safeguards the right to pensions and short-term benefits for all insured persons. In addition, occupational pension schemes and provident funds play an important role