Labour and Social Insurance Minister Marinos Mousiouttas says draft legislation for the first pillar of pension reform is expected to be presented to social partners before mid-August.
Speaking in the upcoming Eyes on the Economy podcast, to be broadcast on Monday, Mousiouttas discusses ongoing consultations and signals that the government is prepared to move forward with reforms to the first pillar even if no agreement is reached on the second pillar, which concerns provident funds.
The minister also outlines planned pension changes due to take effect from 1 February, provided the reform timetable remains on track.
He discusses the criteria that will determine pension increases, which the government has previously said could range from 5% to 55%, while acknowledging that some pensioners will remain below the poverty threshold even after the reforms.
Mousiouttas also addresses questions surrounding the 12% actuarial reduction applied to those retiring at age 63, the impact on people approaching retirement in 2027 and the long-term sustainability of the Social Insurance Fund.
In addition, he comments on proposals relating to the expansion of provident funds.
The minister also responds to questions about his performance in government and whether he is interested in remaining at the helm of the Labour Ministry.
The full podcast interview will be broadcast on Monday.
