the lowest payments are set to increase significantly

▪️The government has presented a draft of the new pension system. The largest increases are planned for recipients of minimum pensions: for example, a payment of €436 could rise to €702, and €508 to €764. For pensions up to €600, a minimum increase of +€30 per month is promised.

▪️The retirement age will remain 65, and working until 67 will allow for a higher payment.

▪️The penalty for early retirement at 63 will not be fully abolished. It is planned to be eased, and only for the basic part of the pension. Therefore, the real increase for some pensioners may amount to only a few euros per month.

▪️Additional funds for the system are intended to come, among other sources, from dividends, interest, rent, and other income. The project still needs to be discussed and approved.

@cyprus_kipr