The government is committed to implementing pension reform, President Nikos Christodoulides said on Tuesday.

“One of the greatest needs in our country is to reform a state still operating with structures from the 1960s,” he said after meeting the Cyprus Economic and Competitiveness Council at the presidential palace.

In the presence of the minister of finance and labour, they discussed pensions, underlining the government’s “absolute political will and readiness” to proceed.

Pension reform is part of a broader framework of ongoing and planned changes concerning the Audit Office, the Law Office, educational reform, the Cost of Living allowance (CoLA), tax reform, Christodoulides said.

There are three main objectives for pension reform: increasing pensions, strengthening welfare funds, and ensuring the sustainability of the Social Security Fund.

The last major reform on the pension system took place in 1980, with additional changes imposed during 2012-2013 as part of Cyprus’ agreement with the Troika.

Reform is a priority for adapting the country to “new realities”, Christodoulides said.

He also invited members of the council to submit their proposals, emphasising the government’s openness to all ideas.