The future of the government's pension reform and the implementation of promised pension increases without jeopardising the country's fiscal stability now largely rests with the Presidential Palace.
According to information obtained by Politis, a meeting held yesterday between the Minister of Labour and the Minister of Finance was constructive with respect to the financial aspects of the reform, although no details have been provided regarding what progress was achieved. Discussions, according to the same sources, have not yet been concluded.
Cost expected to run into tens of millions
Based on government announcements so far, pension increases are expected to range from 5% to 55%, while President Nikos Christodoulides has also referred to additional income gains of between €250 and €300 for pensioners.
The overall cost to public finances is estimated to amount to tens of millions of euros.
As things stand, implementation of the reform package appears possible only if the state makes a substantial financial contribution and commits significant resources from the national budget.
Key meeting planned
As President Christodoulides announced during an interview with ANT1, he is due to hold a joint meeting tomorrow with the Ministers of Labour and Finance.
The government is aiming to finalise the draft legislation by the end of the week before submitting it to the social partners for consultation.
Consultations scheduled for August
As previously reported by Politis, two meetings of the Labour Advisory Body have been scheduled for 19 August and 28 August as discussions over the proposed pension reform continue.
