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Cyprus

Social Insurance Fund viable until 2060

Labour Minister Zeta Emilianidou

Labour Minister Zeta Emilianidou said on Friday that the reserves and expected revenue of the Social Insurance Fund are enough to last until 2060, requiring no further measures.

Emilianidou said an actuary study which determined that the Social Insurance Fund is sustainable until 2060 was evaluated on September 25 by the Ageing Working Group and the Economic Policy Committee of the EU. Its results were adopted with no objections.

The minister noted in a written statement that the study was completed as part of the government’s obligations set out in the memorandum of understanding signed with the troika of international lenders.

“The study was evaluated by the International Labour Organisation and its findings were approved by the Organisation,” she added.

She further highlighted that the Ageing Working Group adopted the results of the study with no objection, “underlining that it accepts the rationale, accuracy and quality of the results”.

This is a positive development for Cyprus as no further measures will be needed, Emilianidou said.

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