OEB Conference highlights need for reforming Cyprus pension system

The Government has included the reform of the pension system in its agenda as the low birth rate combined with the increase in life expectancy are expected to affect the public finances and the Social Insurance Fund, rendering necessary the strengthening of the second and third pension pillars, to secure additional retirement benefits that will adequately cover the citizens needs, it was noted during a conference held Tuesday in Nicosia.

The conference which was organized by the Federation of the Employers and Industrialists (OEB), discussed the challenges and prospects of the pension system in Cyprus.

A series of measures were introduced in 2009 in view of the demographic problems faced by Cyprus, while additional measures were imposed by the Troika in December 2012, to ensure the viability of the Social Insurance Fund, Minister of Labour , Welfare.

Source: Cyprus News Agency.